Used primarily in organic synthesis, it serves as a key intermediate in the production of pharmaceuticals, particularly in the development of antiviral and anticancer agents. Its reactive chloromethyl group allows for further functionalization, making it valuable in creating complex molecules. Additionally, it is employed in the synthesis of agrochemicals, contributing to the development of pesticides and herbicides. Its versatility also extends to material science, where it is utilized in the creation of advanced polymers and coatings.