Used primarily as an intermediate in organic synthesis, particularly in the preparation of fluorinated pharmaceuticals and agrochemicals. Its structure allows for selective reactions due to the electron-withdrawing nitro group and the activated ester functionality. Commonly employed in kinetic studies and enzyme inhibition research because it can act as a substrate analog for esterases and lipases. Also utilized in the development of sensors and diagnostic reagents where a chromogenic or fluorogenic response is needed upon hydrolysis.