This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing complex molecules. Its unique structure, featuring chlorine, iodine, and methoxy substituents, makes it valuable in cross-coupling reactions, such as Suzuki or Sonogashira couplings, where the iodine atom acts as a reactive site. It is also employed in the development of pharmaceuticals and agrochemicals, where its halogenated aromatic framework can be modified to create biologically active compounds. Additionally, it serves as a building block in materials science for synthesizing specialized polymers or organic electronic materials.