Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to its reactive chloromethyl group, which facilitates further chemical modifications. Additionally, it finds application in the synthesis of agrochemicals, contributing to the creation of herbicides and pesticides. Its role in polymer chemistry is also notable, where it aids in the modification of polymer chains to achieve desired material properties.