This compound is primarily utilized in organic synthesis as an intermediate for the development of more complex chemical structures. It is particularly valuable in the pharmaceutical industry, where it serves as a building block for the synthesis of various bioactive molecules and potential drug candidates. Additionally, it finds application in materials science for the creation of specialized polymers and organic materials with unique properties. Its bromine and hydroxyl functional groups make it a versatile reagent in cross-coupling reactions, enabling the formation of carbon-carbon and carbon-heteroatom bonds. This enhances its utility in the design of novel compounds for research and industrial purposes.