Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of fluorinated drug candidates where the trifluoroethoxy group enhances metabolic stability and bioavailability. Its hydroxyl functionality allows for further chemical modifications, making it valuable in creating esters, ethers, or coupling products in medicinal chemistry. Also employed in the preparation of agrochemicals and functional materials due to the electron-withdrawing nature of the trifluoromethyl group, which can influence the reactivity and physical properties of the final compound.