This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of more complex molecules, particularly in pharmaceutical research, where it serves as a building block for active pharmaceutical ingredients (APIs). Additionally, it finds use in the synthesis of specialty chemicals, including surfactants and polymers, due to its reactive bromine and hydroxyl functional groups. In the field of agrochemicals, it can be used to create compounds that serve as herbicides or pesticides. Its role in cross-coupling reactions also makes it valuable in the development of advanced materials and catalysts.