This chemical is primarily utilized in organic synthesis as an intermediate for the preparation of more complex compounds. It is often employed in the development of dyes, pigments, and pharmaceuticals due to its nitro and hydroxyl functional groups, which allow for versatile chemical modifications. Additionally, it can be used in research settings to study reaction mechanisms or as a building block in the synthesis of heterocyclic compounds, which are important in medicinal chemistry. Its structure also makes it a potential candidate for use in the development of optical materials or sensors.