Primarily used in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders. It is also utilized in the manufacture of liquid crystals, which are essential components in display technologies like LCDs. Additionally, it finds application in agrochemical research for creating compounds with potential pesticidal properties. Its bromine and hydroxyl groups make it a versatile building block for constructing complex molecules in various chemical industries.