Used primarily in the synthesis of various organic compounds, particularly in the production of herbicides and pesticides. It serves as a key intermediate in the creation of phenoxypropionic acid derivatives, which are effective in controlling broadleaf weeds in agricultural settings. Additionally, it is employed in the pharmaceutical industry for the development of certain active pharmaceutical ingredients (APIs), where it aids in the formation of ester and amide bonds. Its reactivity with alcohols and amines makes it valuable in organic synthesis for constructing complex molecules.