Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is often employed in the synthesis of complex molecules due to its reactive aldehyde group and iodine substituent, which facilitate further functionalization. Additionally, it finds application in the development of dyes and pigments, where its structure contributes to the desired color properties. In research, it is utilized in the preparation of ligands for metal coordination studies, aiding in the exploration of catalytic processes. Its unique structure also makes it valuable in the synthesis of bioactive compounds, particularly in medicinal chemistry for drug discovery and development.