Used as a reagent in organic synthesis, particularly in the preparation of trifluoromethylated compounds. It serves as a source of the trifluoroacetate anion, which is useful in various chemical reactions, including esterification and amidation processes. It is also employed in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) that require trifluoromethyl groups. Additionally, it finds application in the production of agrochemicals and specialty chemicals where the introduction of fluorine atoms is necessary for enhancing the properties of the final product.