This compound is primarily used in organic synthesis as a versatile building block for creating more complex molecules. It serves as an intermediate in the preparation of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) where its iodomethyl group can facilitate further functionalization. Additionally, it is employed in the development of agrochemicals, contributing to the creation of herbicides, fungicides, and insecticides. Its ethyl ester group enhances its solubility in organic solvents, making it suitable for use in various chemical reactions, including esterification and alkylation processes. Researchers also utilize it in the study of reaction mechanisms and in the development of novel chemical compounds.