Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of antidepressants and antipsychotic drugs. It serves as a building block in agrochemicals for developing herbicides and fungicides due to the stability and lipophilicity imparted by the trifluoromethyl group. Also employed in the manufacture of dyes and fluorescent compounds, where it contributes to enhanced photostability and electronic properties. Its aldehyde functionality allows for easy modification in organic reactions, making it valuable in research and development of new bioactive molecules.