Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of active pharmaceutical ingredients (APIs) where the introduction of an ethoxybenzoyl group is required. Additionally, it finds application in the development of dyes and pigments, where it acts as a building block for complex organic molecules. Its reactivity with amines and alcohols makes it useful in the preparation of esters and amides, which are essential in numerous industrial processes.