Used as a substrate in enzymatic assays to study the activity of lipases and esterases, as it undergoes hydrolysis to produce 4-nitrophenol, which can be easily detected spectrophotometrically. It is also employed in research to investigate the kinetics and mechanisms of enzyme-catalyzed reactions. Additionally, it serves as a model compound in organic synthesis and chemical studies to explore esterification and hydrolysis processes. Its application extends to the development of biosensors for detecting enzyme activity in various biological and industrial samples.