Used primarily in organic synthesis, this compound serves as an intermediate in the production of various specialty chemicals. It is particularly valuable in the preparation of long-chain fatty acid derivatives, which are essential in the development of surfactants, lubricants, and plasticizers. Additionally, it plays a role in the synthesis of pharmaceutical compounds, where its bromo and ester functional groups enable further chemical modifications. Its application extends to material science, where it contributes to the creation of polymers and advanced materials with specific properties.