Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals and agrochemicals. Its nitro and alcohol functional groups make it a versatile building block for creating more complex molecules. In the pharmaceutical industry, it is often utilized in the synthesis of active ingredients for medications, particularly those targeting specific biochemical pathways. Additionally, it finds application in the development of dyes and pigments due to its ability to undergo nitration and other chemical transformations, contributing to the vibrant colors in industrial and consumer products. Its stability and reactivity also make it valuable in research settings for studying reaction mechanisms and developing new synthetic routes.