Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of dyes and pigments due to its ability to modify color properties. Additionally, it plays a role in the synthesis of complex organic molecules, including those used in material science for creating advanced polymers and coatings. Its bromine and hydroxyl groups make it a versatile reagent in cross-coupling reactions, which are essential in constructing intricate molecular structures.