Used primarily in organic synthesis as a building block for more complex chemical compounds. It serves as a key intermediate in the production of pharmaceuticals, agrochemicals, and dyes. Its iodine atom makes it a valuable reagent in cross-coupling reactions, such as the Suzuki and Heck reactions, which are essential for creating carbon-carbon bonds. Additionally, it is employed in research for studying fluorescence properties and as a probe in photophysical studies due to its naphthalene structure.