Used primarily in organic synthesis, this compound serves as a key reagent for introducing the 2,4-dinitrobenzyl protecting group, particularly for alcohols and amines. Its application is crucial in peptide chemistry, where it protects functional groups during complex reactions, ensuring selective transformations. Additionally, it is employed in the preparation of fluorescent probes and as an intermediate in the synthesis of various pharmaceuticals and agrochemicals. Its reactivity with nucleophiles makes it valuable in creating derivatives for analytical and research purposes.