Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of active ingredients in drugs targeting central nervous system disorders. Also employed in the synthesis of chiral compounds through asymmetric reduction or resolution processes. Additionally, it serves as a building block in the production of dyes and specialty chemicals due to the presence of both hydroxyl and nitro groups, which can undergo diverse chemical transformations.