Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of oxime ethers, which are important in the development of drugs with antimicrobial, antifungal, and anti-inflammatory properties. Additionally, it plays a role in the preparation of dyes and pigments due to its ability to form stable complexes with metals. Its nitro group makes it a useful precursor in reactions involving reduction and further functionalization, enabling the creation of more complex molecules in industrial and research settings.