Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its iodine atom makes it a valuable reagent in cross-coupling reactions, such as the Suzuki and Heck reactions, which are essential for creating complex organic molecules. Additionally, it is utilized in the development of dyes and pigments due to its ability to modify color properties. In research, it plays a role in studying reaction mechanisms and designing new chemical entities with potential therapeutic applications.