This compound is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its trifluoromethyl group enhances the biological activity of the final products, making it valuable in the development of drugs with improved efficacy and stability. It is also utilized in the synthesis of liquid crystals, which are essential components in display technologies like LCDs. Additionally, its ester functionality allows it to act as a precursor in the preparation of other esters and carboxylic acids, which are widely used in the chemical industry.