Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals and agrochemicals. Its unique structure, featuring both chloro and iodo substituents, makes it valuable for constructing complex molecules through cross-coupling reactions, such as Suzuki or Buchwald-Hartwig couplings. It is also employed in the development of dyes and pigments due to its ability to modify color properties. Additionally, it serves as a building block in research for creating compounds with potential biological activity, including antimicrobial or anticancer agents.