Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to its nitro and hydroxyl functional groups, which allow for further chemical modifications. Additionally, it finds application in the synthesis of dyes and pigments, where its structure contributes to color stability and intensity. In research, it is utilized as a building block for creating complex molecules in medicinal chemistry studies. Its properties also make it suitable for use in analytical chemistry as a reagent or standard in certain assays.