Primarily utilized in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows it to participate in reactions that form more complex molecules, particularly those with potential biological activity. Additionally, it is employed in the development of dyes and pigments, where its nitro and hydroxy groups contribute to the color properties of the final product. Researchers also explore its use in material science, leveraging its reactivity to create novel polymers and coatings with specific functionalities.