This chemical is primarily used as an intermediate in the synthesis of various pharmaceutical compounds. It plays a crucial role in the production of active pharmaceutical ingredients (APIs) that target neurological and cardiovascular disorders. Additionally, it is utilized in the development of agrochemicals, particularly in the creation of pesticides and herbicides, due to its reactive chloromethyl group, which facilitates further chemical modifications. Its methoxy group also enhances its utility in organic synthesis, making it a valuable building block for complex molecules in medicinal and agricultural chemistry.