This chemical is primarily utilized in the field of organic synthesis, particularly as a building block for the creation of more complex molecules. Its trifluoromethyl group and diol functionality make it a valuable intermediate in the development of pharmaceuticals, where it can contribute to the enhancement of drug potency and metabolic stability. Additionally, it is employed in the synthesis of agrochemicals, where its unique structure can improve the efficacy and selectivity of active ingredients. The compound is also explored in material science for the development of advanced materials with specific properties, such as increased durability or enhanced performance in electronic applications.