This chemical is primarily utilized in organic synthesis, particularly as an intermediate in the production of more complex compounds. Its structure, featuring both an iodine atom and a methoxy group, makes it valuable in cross-coupling reactions, such as the Suzuki or Sonogashira reactions, which are essential for creating pharmaceuticals, agrochemicals, and advanced materials. Additionally, it can serve as a building block in the synthesis of dyes and pigments due to its aromatic amine functionality. Its reactivity also allows it to be used in the development of bioactive molecules, including potential drug candidates, where the iodine atom can be further modified or substituted to enhance biological activity.