Used primarily in the synthesis of dyes and pigments, this compound is valued for its ability to impart specific color properties to materials. It also finds application in the pharmaceutical industry, where it serves as an intermediate in the production of certain drugs, particularly those with antimicrobial or anticancer properties. Additionally, it is utilized in research laboratories for the development of new chemical entities and in the study of nitro and amino phenol derivatives. Its unique structure makes it a useful building block in organic synthesis for creating more complex molecules.