Primarily utilized in organic synthesis, this compound serves as a key intermediate in the development of various pharmaceuticals and agrochemicals. Its nitro and ester functional groups make it a versatile building block for constructing complex molecules. It is particularly valuable in the synthesis of pyrazole derivatives, which are often explored for their biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it finds application in the preparation of dyes and other specialty chemicals due to its reactive nature and ability to undergo further chemical transformations.