Used primarily in organic synthesis, this compound serves as a key intermediate in the production of dyes and pigments, particularly for textile and paper industries. It is also employed in the development of pharmaceuticals, where it acts as a building block for various active ingredients. Additionally, its iodine component makes it useful in radiopharmaceuticals for diagnostic imaging. In research, it is utilized in cross-coupling reactions to create complex organic molecules. Its applications extend to material science, where it contributes to the synthesis of polymers with specific electronic properties.