Used primarily as an intermediate in organic synthesis, this chemical plays a key role in the production of pharmaceuticals, agrochemicals, and dyes. It is particularly valuable in the synthesis of active pharmaceutical ingredients (APIs) where it facilitates the introduction of benzoyl and chloromethyl groups into target molecules. Additionally, it is employed in the manufacture of specialty chemicals that require precise functional group transformations. Its reactivity with various nucleophiles makes it a versatile reagent in constructing complex organic compounds.