This compound is primarily utilized in the pharmaceutical and agrochemical industries as a key intermediate in the synthesis of more complex molecules. Its structure, featuring a trifluoromethyl group and a hydroxyl group, makes it valuable for creating biologically active compounds, particularly in the development of drugs targeting central nervous system disorders. Additionally, it serves as a building block in the production of agrochemicals, where the trifluoromethyl group enhances the efficacy and stability of the final products. Its versatility in organic synthesis also allows for its use in the preparation of specialty chemicals and fine chemicals.