Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of complex molecules. It is particularly useful in cross-coupling reactions, such as Suzuki or Sonogashira couplings, to create aryl-aryl or aryl-alkyne bonds. Additionally, it finds application in the synthesis of dyes and advanced materials due to its aromatic and nitrile properties. Its iodine substituent enhances reactivity in various catalytic processes, making it a versatile building block in chemical research and industrial applications.