Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals due to the presence of reactive bromine atoms and hydroxyl groups. The compound serves in cross-coupling reactions, such as Suzuki or Heck reactions, enabling the construction of complex aromatic systems. It is also employed in the development of functional materials, including dyes and fluorescent probes, where the diol moiety can act as a chelating or hydrogen-bonding site. Its structural features make it suitable for use in medicinal chemistry for designing enzyme inhibitors or bioactive molecule scaffolds.