Used primarily in organic synthesis as a versatile building block for the preparation of various pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of compounds with potential biological activity, such as urea derivatives and heterocyclic compounds. Additionally, it is employed in the development of advanced materials, including polymers and coatings, where its reactivity with amines and alcohols is utilized to create cross-linked structures. Its iodine moiety also makes it valuable in radiolabeling applications for imaging and diagnostic purposes.