Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, agrochemicals, and fine chemicals. Its reactive chloromethyl group allows for further functionalization, making it valuable in the creation of complex molecules. It is also employed in the synthesis of dyes, fragrances, and polymer precursors. Additionally, it plays a role in the development of corrosion inhibitors and other specialty chemicals. Its versatility in chemical reactions makes it a useful building block in various industrial applications.