Used primarily in pharmaceutical synthesis, this compound serves as a key intermediate in the production of various active pharmaceutical ingredients (APIs). Its structure is particularly valuable in the development of drugs targeting the central nervous system, including antipsychotics and antispasmodics. Additionally, it is employed in organic chemistry research to create complex molecules through its reactive chloromethyl group, which facilitates further functionalization. The compound's stability and reactivity make it a useful building block in medicinal chemistry and drug discovery processes.