Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is often employed in alkylation reactions, where it introduces the 1-phenylethyl group into target molecules, enhancing their structural complexity. Additionally, it finds application in the development of specialty chemicals, including dyes and fragrances, due to its ability to modify aromatic compounds. Its reactivity with nucleophiles makes it valuable in creating carbon-carbon bonds, essential in constructing complex organic frameworks.