Used primarily as an intermediate in organic synthesis, especially in the preparation of pharmaceuticals and agrochemicals. Its nitro and iodo functional groups allow for selective transformations, such as nitro reduction to amine or potential halogen displacement under appropriate conditions, making it valuable in multi-step synthesis. The compound is also employed in the development of dyes and functionalized aromatic compounds where controlled reactivity is required. Due to the presence of the hydroxyl group, it can undergo esterification or etherification to build more complex molecules. Its structure supports applications in research settings for constructing heterocyclic systems and bioactive molecules.