This chemical is primarily utilized in the field of analytical chemistry as a chelating agent due to its ability to form stable complexes with metal ions. It is often employed in the detection and quantification of various metals, such as iron and copper, in environmental and biological samples. Additionally, it serves as a key intermediate in the synthesis of more complex organic compounds, particularly those used in coordination chemistry and materials science. Its unique structure also makes it valuable in the development of fluorescent probes and sensors for studying metal ion interactions in biological systems.