This chemical is primarily used in the synthesis of organic compounds, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate for creating molecules with trifluoromethyl groups, which are known to enhance the biological activity and stability of drugs and pesticides. Additionally, it is employed in material science for modifying surfaces or creating specialized polymers with unique properties, such as increased resistance to degradation. Its thiol group makes it useful in forming strong bonds with metals, enabling applications in catalysis and nanotechnology.