Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals due to the presence of both hydroxyl and trifluoromethyl groups, which can enhance metabolic stability and lipophilicity in bioactive molecules. Its structure is valuable in developing fluorinated analogs of natural products and active ingredients in crop protection agents. Also employed in the preparation of specialty chemicals where fluorination improves performance, such as in liquid crystals or functional materials. The alcohol functionality allows for easy derivatization, making it a versatile building block in organic synthesis.