Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the synthesis of active pharmaceutical ingredients (APIs) where the benzonitrile moiety is essential. Additionally, it finds application in the development of liquid crystals, which are crucial for display technologies like LCDs. Its hydroxymethyl group allows for further functionalization, making it versatile in creating polymers and resins with specific properties. In agrochemicals, it is utilized to develop compounds that enhance crop protection.