This compound is primarily utilized in organic synthesis as a key intermediate in the production of more complex molecules, particularly in the pharmaceutical industry. It serves as a building block for the development of various biologically active compounds, including potential drug candidates. Its structure, featuring an azetidine ring, is valuable in medicinal chemistry due to the ring's ability to influence the pharmacokinetic and pharmacodynamic properties of drugs. Additionally, the chloromethyl group allows for further functionalization, making it versatile in the synthesis of diverse chemical entities. It is often employed in research settings to explore new therapeutic agents, especially in areas like neuroscience and oncology.