Used in organic synthesis to introduce the benzyloxyacetyl group into various compounds, particularly in the production of pharmaceuticals and agrochemicals. It serves as a key intermediate in the preparation of active pharmaceutical ingredients (APIs) and fine chemicals. The compound is also employed in peptide synthesis, where it acts as a protecting group for carboxylic acids or amines, ensuring selective reactions during complex molecule assembly. Additionally, it finds application in the development of specialty polymers and coatings, where its reactivity with hydroxyl or amino groups is leveraged to modify material properties. Its role in creating biologically active molecules makes it valuable in drug discovery and development processes.