Used primarily in organic synthesis as a building block for more complex molecules, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate in the production of fluorinated compounds, which are valued for their stability and unique chemical properties. The trifluoromethyl group enhances the biological activity of drugs, making it useful in developing active pharmaceutical ingredients. Additionally, it is employed in material science for creating specialty polymers and coatings with improved resistance to heat, chemicals, and weathering. Its iodine atom allows for further functionalization through cross-coupling reactions, enabling the creation of diverse chemical structures.