Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its iodine and methyl groups make it a versatile building block for constructing complex molecules, particularly in the development of active pharmaceutical ingredients. It is also employed in the synthesis of dyes and pigments due to its aromatic structure, which can enhance color properties. Additionally, it finds application in research settings for studying reaction mechanisms and developing new synthetic methodologies. Its stability and reactivity make it a valuable component in cross-coupling reactions, which are crucial in modern organic chemistry.