This compound 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 spectrophotometric analysis to detect and quantify trace metals in various samples, including environmental and biological matrices. Additionally, it finds application in the synthesis of organic intermediates, particularly in the development of novel pharmaceutical compounds. Its unique structure also makes it a candidate for research in materials science, where it is explored for its potential in creating advanced polymers and coatings with specific optical or mechanical properties.