This chemical is primarily utilized in organic synthesis as a versatile building block for the preparation of more complex molecules. It is often employed in cross-coupling reactions, such as Suzuki or Sonogashira couplings, due to the presence of both chloro and iodo substituents, which allow for selective functionalization. The ester group in the compound further enhances its reactivity, making it a valuable intermediate in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it can serve as a precursor in the development of dyes, pigments, and advanced materials. Its unique structure enables chemists to introduce specific functional groups at desired positions, facilitating the creation of tailored compounds for various industrial applications.