Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of active pharmaceutical ingredients (APIs) due to its reactive chloromethyl and aldehyde functional groups, which allow for further modifications. Additionally, it is employed in the development of specialty chemicals, including dyes and fragrances, where its structural properties contribute to the desired chemical characteristics. Its role in cross-coupling reactions also makes it useful in advanced material science applications.