This compound is primarily utilized in the field of organic synthesis as a key intermediate for the preparation of various heterocyclic compounds. It is particularly valuable in the development of pharmaceuticals, where it serves as a precursor in the synthesis of potential therapeutic agents, including those with anti-cancer properties. Additionally, it finds application in the research and development of dyes and pigments due to its structural properties, which allow for the creation of colorants with specific characteristics. Its nitrophenyl group also makes it useful in studies involving nitro-reduction reactions, which are important in the field of chemical catalysis and environmental chemistry for the degradation of nitro-containing pollutants.