This compound is primarily utilized in organic synthesis as a versatile intermediate for the preparation of more complex chemical structures. Its reactive iodo and nitro groups make it a valuable building block in the development of pharmaceuticals, agrochemicals, and specialty chemicals. It is often employed in cross-coupling reactions, such as the Suzuki or Sonogashira reactions, to create carbon-carbon bonds. Additionally, its ester group can be hydrolyzed or transformed into other functional groups, further expanding its utility in synthetic chemistry. The compound’s unique structure also makes it a candidate for research in materials science, particularly in the design of organic electronic materials.