Primarily used as a building block in organic synthesis, this compound is valuable for introducing trifluoromethyl groups into molecules, enhancing their chemical properties. It is often employed in the pharmaceutical industry to develop fluorinated drugs, which can improve metabolic stability and bioavailability. Additionally, it serves as a key intermediate in the production of agrochemicals, where fluorinated compounds are known for their effectiveness and selectivity. In materials science, it is utilized to create specialized polymers and coatings with unique properties like chemical resistance and durability. Its reactivity with various organic substrates makes it a versatile reagent in research and industrial applications.