Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and fine chemicals. Its structure allows it to act as a building block for the development of complex molecules, particularly in the synthesis of bioactive compounds. It is also employed in research settings for studying chemical reactions involving halogenated aromatic aldehydes, aiding in the exploration of new reaction pathways and mechanisms. Additionally, its unique properties make it useful in the development of dyes and pigments, where its iodine and methoxy groups contribute to specific color characteristics.