Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the preparation of herbicides and plant growth regulators. Its reactive bromomethyl group allows for easy alkylation, making it valuable in organic synthesis for introducing phenoxyacetic acid derivatives. Also employed in the development of prodrugs due to its ability to form ester linkages. Commonly utilized in research settings for modifying bioactive molecules to enhance stability or alter solubility.