Used primarily in organic synthesis, this compound serves as a key reagent for introducing the 2-nitrophenoxyacetyl group into various molecules. It is particularly valuable in the preparation of intermediates for pharmaceuticals, where it aids in the modification of active compounds to enhance their properties. Additionally, it finds application in the development of agrochemicals, contributing to the synthesis of herbicides and pesticides. Its reactivity with amines and alcohols makes it useful in peptide chemistry and the production of specialized polymers.