This compound is primarily used in organic synthesis as a catalyst, particularly in reactions involving the introduction of trifluoromethyl groups into organic molecules. Its ability to facilitate the transfer of the trifluoromethyl group makes it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. It is often employed in cross-coupling reactions, enabling the creation of complex molecules with enhanced properties, such as improved stability or bioavailability. Additionally, it is utilized in the development of fluorinated compounds, which are increasingly important in various industrial applications due to their unique chemical and physical characteristics.