Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of pharmaceuticals and agrochemicals. Its structure allows for selective fluorination and iodination, making it valuable in constructing complex molecules. It is also employed in cross-coupling reactions, such as Suzuki and Sonogashira couplings, to create diverse aromatic compounds. Additionally, it serves as a building block in the development of advanced materials and specialty chemicals. Its unique reactivity and stability make it suitable for research and industrial applications in fine chemical manufacturing.