Used primarily as an intermediate in organic synthesis, this compound plays a key role in the production of various pharmaceuticals and agrochemicals. Its sulfonate group enhances solubility in water, making it valuable in formulations requiring aqueous compatibility. Additionally, it is utilized in the development of dyes and pigments, where its iodine component contributes to the stability and color properties of the final product. In research, it serves as a reagent for studying sulfonation reactions and iodine-based chemical transformations.