Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for the introduction of iodine, which is valuable in cross-coupling reactions, particularly in the synthesis of complex molecules. Additionally, it is employed in the development of specialty chemicals, including dyes and pigments, due to its ability to modify aromatic systems. In research, it is utilized as a building block for creating novel compounds with potential biological activity. Its applications also extend to material science, where it contributes to the development of advanced organic materials.