This compound is primarily used in organic synthesis as an intermediate for the development of more complex chemical structures. Its unique combination of functional groups, including iodine, nitro, and trifluoromethoxy, makes it valuable in cross-coupling reactions, particularly in palladium-catalyzed processes like the Suzuki or Sonogashira reactions. These reactions are essential for constructing carbon-carbon bonds in pharmaceuticals, agrochemicals, and advanced materials. Additionally, its electron-withdrawing groups enhance reactivity in nucleophilic aromatic substitution, making it useful for synthesizing compounds with specific electronic properties. It is also explored in the preparation of liquid crystals and other specialty chemicals due to its structural versatility.