This chemical is primarily utilized in organic synthesis as an intermediate for the preparation of various heterocyclic compounds. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of bioactive molecules and drug candidates. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. Its nitro and ester functional groups make it a versatile reagent in reactions such as condensation and cyclization, which are essential in constructing complex molecular structures.