This chemical is primarily used in organic synthesis as a versatile intermediate for the preparation of more complex compounds. It is particularly valuable in the development of pharmaceuticals and agrochemicals due to the presence of both iodine and nitro groups, which allow for further functionalization through substitution reactions. The trifluoromethyl group enhances the compound's stability and can influence the biological activity of the final products. Additionally, it serves as a building block in the synthesis of materials with potential applications in electronics and specialty chemicals. Its reactivity makes it a useful reagent in cross-coupling reactions, enabling the creation of diverse molecular structures.