Used primarily in organic synthesis, this compound serves as a versatile intermediate in the production of pharmaceuticals and agrochemicals. Its structure, featuring both fluorine and iodine atoms, makes it valuable for cross-coupling reactions, such as Suzuki or Ullmann couplings, to create complex aromatic compounds. It is also employed in the development of liquid crystals and advanced materials due to its unique electronic properties. Additionally, it finds application in research as a building block for designing molecules with specific biological activities.