Used primarily as an intermediate in organic synthesis, this compound is valuable in the production of pharmaceuticals and agrochemicals. Its reactive chloromethyl group allows for further functionalization, making it a key building block in the development of active pharmaceutical ingredients (APIs). Additionally, it plays a role in the synthesis of specialty chemicals, including dyes and polymers. Its application in research and development is significant for creating novel compounds with potential therapeutic or industrial uses. Proper handling is essential due to its reactive nature and potential hazards.