Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals and agrochemicals. Its bromine and hydroxyl groups make it a versatile building block for creating more complex molecules, particularly in the development of active pharmaceutical ingredients (APIs). Additionally, it is employed in the synthesis of specialty chemicals, including dyes and pigments, due to its ability to undergo various chemical reactions. Its applications also extend to research and development, where it is utilized in the study of new chemical reactions and pathways.