Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of bioactive molecules due to the presence of both the hydroxyl group and the trifluoromethyl-substituted aromatic system. The compound's structure allows for further functionalization, making it valuable in medicinal chemistry for building more complex molecules. It is also employed in the preparation of fluorinated analogs of natural products, where the trifluoromethyl group enhances metabolic stability and lipophilicity. Additionally, it finds use in the research of novel organic materials and as a building block in Suzuki and Heck coupling reactions for creating extended conjugated systems.