Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of dyes and pigments, where it contributes to the creation of vibrant and stable colors. Additionally, it plays a role in the synthesis of complex organic molecules, often utilized in research and industrial applications for constructing more intricate chemical architectures. Its iodine component makes it useful in certain coupling reactions, which are essential in advanced material science and medicinal chemistry.