Phenyl trifluoroacetate is primarily used as a reagent in organic synthesis, particularly in the acylation of alcohols and amines. It serves as an effective trifluoroacetylating agent, introducing the trifluoroacetyl group into various organic compounds. This compound is also employed in the protection of functional groups during complex chemical reactions, ensuring selectivity and stability. Additionally, it finds application in the preparation of pharmaceuticals and agrochemicals, where the trifluoroacetyl group enhances the biological activity or stability of the final product. Its reactivity and specificity make it a valuable tool in the development of advanced organic molecules.