This chemical is primarily utilized in the field of organic synthesis, particularly as a building block for creating more complex molecules. It is often employed in the development of pharmaceuticals due to its unique structure, which allows for the introduction of functional groups that are essential in drug design. Additionally, it finds application in the synthesis of dyes and pigments, where its nitro and cyano groups contribute to the color properties of the final product. Its acrylate moiety also makes it useful in polymer chemistry, where it can be incorporated into polymers to modify their physical and chemical properties.