Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of drugs targeting central nervous system disorders. It serves as a building block in the preparation of fluorinated organic compounds due to the presence of fluorine, which can enhance metabolic stability and bioavailability. Also employed in the production of agrochemicals and specialty polymers where fluorine substitution improves material performance. Its diol functionality allows for further chemical modifications, making it valuable in medicinal chemistry research and development.