This chemical is primarily used as an intermediate in the synthesis of various pharmaceuticals and organic compounds. It plays a significant role in the production of beta-blockers, which are medications used to manage cardiovascular conditions such as hypertension and arrhythmias. Additionally, it is utilized in the manufacture of specialty chemicals, including surfactants and emulsifiers, due to its ether and alcohol functional groups. Its applications also extend to the field of polymer chemistry, where it serves as a building block for creating polymers with specific properties. In research and development, it is employed as a reagent for organic synthesis, contributing to the creation of novel compounds with potential industrial or medicinal uses.