Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of beta-blockers and other cardiovascular drugs. It serves as a chiral building block in asymmetric synthesis, enabling the development of enantiomerically pure compounds. Also employed in the preparation of fragrances and fine chemicals due to its alcohol and chloride functional groups, which allow for further chemical modifications. Its phenyl-containing structure makes it useful in the development of liquid crystals and organic electronic materials.