This compound is primarily utilized in organic synthesis as a versatile intermediate for the preparation of various pharmaceuticals and agrochemicals. Its reactive chloromethyl group allows for further functionalization, making it valuable in the development of complex molecules. It is often employed in the synthesis of oxazole-containing compounds, which are known for their biological activities, including antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it serves as a building block in the creation of heterocyclic compounds, which are essential in drug discovery and material science. Its role in cross-coupling reactions and other transformations highlights its importance in modern synthetic chemistry.