Used as a key intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its reactive bromomethyl group allows for easy alkylation or substitution reactions, making it valuable in constructing complex molecules. Commonly employed in the development of targeted drugs, including anticancer agents and kinase inhibitors, due to its ability to link aromatic systems with functional biomolecules. Also utilized in polymer chemistry to introduce acetate-protected phenolic groups for controlled reactivity.