Used as a key intermediate in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Its reactive bromomethyl group allows for easy alkylation and coupling reactions, making it valuable in building complex organic molecules. Commonly employed in the preparation of resins, dyes, and functional polymers due to its ability to introduce phenolic and benzyl bromide functionalities. Also utilized in the development of crosslinking agents for polymers and in the production of certain antioxidants and stabilizers for industrial applications.