Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of complex molecules due to the presence of both iodo and methoxy functional groups, which facilitate diverse chemical reactions. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the vibrant colors in textiles and industrial materials. Its role in research and development is significant, aiding in the creation of new compounds with potential therapeutic properties.