This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its unique structure allows it to act as a chelating agent, making it valuable in the development of metal coordination complexes used in catalysis and material science. Additionally, it finds applications in the synthesis of fluorescent dyes and sensors, which are employed in biochemical assays and diagnostic tools. Its ability to form stable complexes with metals also makes it useful in water treatment processes for the removal of heavy metal contaminants.