This chemical is primarily utilized in organic synthesis as a building block for the preparation of more complex molecules. It is often employed in cross-coupling reactions, such as the Suzuki or Heck reactions, to create aryl-aryl or aryl-alkyl bonds, which are essential in the development of pharmaceuticals, agrochemicals, and advanced materials. The iodine atom in the compound serves as a reactive site, enabling efficient coupling with various organometallic reagents. Additionally, it is used in the synthesis of liquid crystals and other functional materials due to its ability to introduce specific structural motifs into target compounds. Its role in research and development of new chemical entities makes it a valuable intermediate in industrial and academic laboratories.