This chemical is primarily utilized in organic synthesis as an intermediate for the production of more complex compounds. Its structure, featuring both hydroxyl and bromo groups, makes it a valuable precursor in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) with potential therapeutic properties. Additionally, it can be employed in the creation of specialty chemicals used in agrochemicals, where it may contribute to the formulation of herbicides or pesticides. Its unique functional groups also allow it to participate in various chemical reactions, such as coupling reactions, making it useful in material science for developing advanced polymers or coatings.