Used primarily in organic synthesis, this compound serves as a key intermediate in the production of complex molecules, particularly in pharmaceutical research. Its structure allows for further functionalization, making it valuable in the development of active pharmaceutical ingredients. Additionally, it finds application in material science, where it is utilized in the synthesis of advanced organic materials, including polymers and liquid crystals. The iodine atom in the molecule facilitates cross-coupling reactions, which are essential in creating tailored organic compounds for various industrial applications.