Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of bioactive molecules due to the presence of the trifluoromethyl group, which enhances metabolic stability and lipophilicity. Commonly employed in the preparation of antifungal agents, anti-inflammatory compounds, and herbicides. Its hydroxyl functionality allows for easy derivatization, making it valuable in medicinal chemistry for building more complex structures through ether or ester formation. Also utilized in the creation of fluorinated building blocks for drug discovery and in materials science for designing specialty chemicals with improved performance characteristics.