Used primarily in the production of dyes and pigments, this compound serves as a key intermediate in synthesizing triarylmethane dyes, which are widely applied in textile, paper, and ink industries. Its role in creating vibrant and stable colors makes it valuable for manufacturing high-quality printing inks and coloring agents. Additionally, it finds applications in organic synthesis for producing specialty chemicals and pharmaceuticals. In research, it is utilized as a reagent in photochemical studies due to its unique properties. Its versatility in chemical reactions makes it a useful component in developing advanced materials and functional compounds.