Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as a benzyl-protecting group reagent for alcohols and acids in multi-step synthesis. Commonly employed in the production of active pharmaceutical ingredients where selective protection and deprotection are required. Also utilized in the synthesis of ester derivatives and as a building block in the development of more complex organic molecules. Its reactivity allows for easy introduction of the chloroacetyl group, which can undergo further transformations such as nucleophilic substitution or cyclization reactions.