This compound is primarily utilized in the synthesis of dyes and pigments, particularly in the production of colorants for textiles and plastics. Its structure allows it to act as an intermediate in the creation of complex dye molecules, contributing to vibrant and stable colors. Additionally, it finds application in organic synthesis for the development of pharmaceutical compounds, where its nitro and hydroxyl groups can be modified to produce biologically active molecules. In research, it serves as a building block for studying chemical reactions and developing new materials with specific optical properties.