Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. It is particularly valuable in cross-coupling reactions, such as the Suzuki and Heck reactions, which are essential for creating complex organic molecules. Additionally, it finds application in the development of liquid crystal materials, contributing to advancements in display technologies. Its iodine moiety makes it a useful precursor in radiopharmaceuticals for diagnostic imaging.