Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its fluorine and hydroxyl groups make it valuable for creating compounds with specific biological activities. In medicinal chemistry, it is utilized to develop drugs targeting various diseases, including cancer and infections, due to its ability to enhance drug potency and selectivity. Additionally, it finds applications in material science for synthesizing advanced polymers and dyes with unique properties. Its reactivity also makes it suitable for research in developing new chemical reactions and catalysts.