This compound is primarily utilized in organic synthesis as a versatile building block for the creation of more complex molecules. It is particularly valuable in the development of pharmaceuticals and agrochemicals due to its trifluoromethyl group, which can enhance the biological activity and stability of the final products. Additionally, it serves as a key intermediate in the synthesis of fluorescent dyes and pigments, where its unique structure contributes to the desired optical properties. Its application in material science is also notable, as it aids in the production of advanced polymers with specific characteristics like thermal stability and chemical resistance.