This compound is primarily utilized in organic synthesis as a key intermediate for the preparation of more complex molecules. It is often employed in the development of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic properties. Its nitro and ester functional groups make it a versatile building block in various chemical reactions, including nucleophilic substitutions and cyclizations. Additionally, it finds application in the field of material science, where it is used to create polymers or coatings with specific optical or mechanical properties. Its unique structure also makes it a candidate for research in dye synthesis and photochemical studies.