Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its trifluoromethyl and hydroxyl groups make it valuable for creating compounds with potential therapeutic properties, particularly in the design of anti-inflammatory and antimicrobial agents. Additionally, it finds application in agrochemical research for developing pesticides and herbicides due to its structural versatility and reactivity. Its use in organic synthesis also extends to creating specialized polymers and coatings with unique properties.