Widely used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, this compound plays a key role in cross-coupling reactions, particularly in the formation of carbon-carbon bonds via palladium-catalyzed processes. It is valued for the reactivity of the iodine atom, which readily participates in reactions such as Suzuki, Stille, and Heck couplings. Its halogen substituents allow for selective functionalization, making it useful in the development of complex organic molecules. Additionally, it serves as a building block in the preparation of dyes, liquid crystals, and functional materials where precise molecular architecture is required.