This compound is primarily utilized in the field of organic synthesis as a versatile intermediate. It is often employed in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that require trifluoromethyl groups for enhanced biological activity. Its structure, featuring both ester and hydroxyl functional groups, makes it a valuable building block for constructing more complex molecules. Additionally, it is used in agrochemical research to create compounds with potential pesticidal or herbicidal properties. The trifluoromethyl group contributes to the stability and efficacy of the final products, making it a key component in the design of novel chemical entities.