This chemical is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the development of more complex compounds. Its structure, featuring both a bromo and a hydroxymethyl group, makes it particularly useful in cross-coupling reactions, which are essential for constructing carbon-carbon bonds in pharmaceuticals and agrochemicals. Additionally, it can be employed in the synthesis of pyridine derivatives, which are key components in various medicinal drugs, including those with anti-inflammatory, antiviral, or anticancer properties. Its role in the production of specialty chemicals and fine chemicals further highlights its importance in industrial applications.