Primarily utilized in organic synthesis, this compound serves as a versatile intermediate in the production of various pharmaceuticals and agrochemicals. Its structure, featuring an iodine atom, makes it particularly useful in cross-coupling reactions, such as the Suzuki and Heck reactions, which are pivotal in creating complex organic molecules. Additionally, it is employed in the development of liquid crystals and advanced materials, where its unique properties contribute to the desired electronic and optical characteristics. In research, it is often used as a building block for synthesizing more complex aromatic compounds, aiding in the study of chemical reactivity and molecular interactions.