This chemical is widely used in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs). It serves as a key intermediate in the production of compounds with potential anti-inflammatory, antifungal, and anticancer properties. Additionally, it is utilized in organic synthesis for creating complex molecules due to its reactive trifluoromethyl and hydroxyl groups, which enhance the chemical's versatility in various reactions. Its applications also extend to the field of agrochemicals, where it contributes to the development of new pesticides and herbicides.