This chemical is primarily utilized in the field of organic synthesis, particularly in the development of advanced materials and pharmaceuticals. Its structure makes it a valuable intermediate in cross-coupling reactions, such as Suzuki and Heck reactions, which are essential for creating complex organic molecules. Additionally, it is employed in the synthesis of liquid crystals and organic semiconductors, which are critical components in electronic devices like OLEDs and solar cells. Its iodine moiety also allows it to act as a precursor in the preparation of radiolabeled compounds for medical imaging and research purposes.