Used primarily in the synthesis of agrochemicals and pharmaceuticals, this compound serves as a key intermediate. It is particularly valuable in the production of herbicides and insecticides, where its trifluoromethoxy group enhances the biological activity and stability of the final products. Additionally, it finds application in the development of dyes and pigments, contributing to the creation of vibrant and durable colors. Its unique chemical structure also makes it useful in organic synthesis for constructing complex molecules in research and industrial settings.