Used extensively in the field of organic electronics, this compound serves as a key building block for the synthesis of advanced materials. Its role in the development of organic semiconductors is crucial, particularly in the fabrication of organic light-emitting diodes (OLEDs) and organic photovoltaic cells (OPVs). The compound's ability to facilitate efficient electron transfer makes it invaluable in these applications.

In the realm of catalysis, it is employed as a ligand in various metal complexes. These complexes are utilized in catalytic processes, including hydrogenation and oxidation reactions, which are fundamental in industrial chemistry. Its structural stability and electronic properties enhance the performance of these catalysts.

Additionally, it finds application in the field of photodynamic therapy (PDT) for cancer treatment. When incorporated into photosensitizers, it aids in the generation of reactive oxygen species (ROS) upon light activation, which can selectively destroy cancer cells. This targeted approach minimizes damage to surrounding healthy tissues.

In research, it is often used as a model compound to study the electronic and photophysical properties of porphyrins. This helps in understanding the behavior of more complex porphyrin-based systems, which are significant in various scientific and technological applications.