Used primarily in the synthesis of various organic compounds, it serves as an intermediate in the production of pharmaceuticals, agrochemicals, and specialty chemicals. Its reactive chloromethyl group allows for further functionalization, making it valuable in creating complex molecules. Additionally, it is employed in the manufacture of resins and polymers, where it acts as a cross-linking agent or modifier to enhance material properties. In research, it is utilized for developing new chemical reactions and processes, contributing to advancements in synthetic chemistry.