Used as an intermediate in the synthesis of anthraquinone dyes and pigments, particularly for producing red and violet shades in textiles, plastics, and coatings. It contributes to lightfastness and color stability in dye formulations. Also employed in the production of functional optical materials due to its chromophoric properties. Its nitro and hydroxyl groups allow further chemical modifications, making it valuable in developing specialty chemicals for industrial dyeing and electronic applications.