Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. Its hydroxyl and nitro groups make it a versatile building block for creating complex molecules. In research, it is employed in the development of photosensitive materials due to its light-reactive properties. Additionally, it finds application in the synthesis of dyes and pigments, contributing to vibrant and stable colorants. Its role in polymer chemistry is also notable, where it aids in the modification of polymer properties for enhanced performance.