Used primarily as an intermediate in organic synthesis, it plays a crucial role in the production of pharmaceuticals and agrochemicals. Its trifluoromethyl group enhances the biological activity of compounds, making it valuable in drug development. Additionally, it serves as a building block in the synthesis of complex molecules, particularly in cross-coupling reactions like Suzuki and Sonogashira reactions. In material science, it is employed to modify polymers and create specialty chemicals with unique properties. Its iodine atom allows for further functionalization, enabling the creation of diverse chemical structures.