This compound is primarily utilized in the pharmaceutical and chemical industries as a chiral building block for the synthesis of various bioactive molecules. Its trifluoromethyl and hydroxyl groups make it a valuable intermediate in the development of drugs, particularly those targeting central nervous system disorders and metabolic diseases. It is also employed in the production of agrochemicals, where its unique structure contributes to the efficacy of certain herbicides and pesticides. Additionally, it serves as a key component in the creation of specialty chemicals, including liquid crystals and advanced materials, due to its ability to influence molecular properties such as stability and reactivity.