This compound is primarily utilized in the pharmaceutical and agrochemical industries due to its unique trifluoromethyl and hydroxyl functional groups. In pharmaceuticals, it serves as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs), particularly those targeting metabolic and inflammatory disorders. Its trifluoromethyl group enhances the stability and bioavailability of the final drug molecules. In agrochemicals, it is used in the development of herbicides and pesticides, where its structural properties contribute to the effectiveness and selectivity of these products. Additionally, its role in organic synthesis as a building block for complex molecules makes it valuable in research and development across multiple chemical sectors.