Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to its reactive bromine and hydroxyl groups, which facilitate further chemical modifications. Additionally, it finds application in the synthesis of specialty chemicals, including polymers and resins, where its functional groups contribute to cross-linking and stability. Its role in research and development is also notable, as it aids in the study of novel chemical reactions and pathways.