Used primarily in organic synthesis as a versatile intermediate, this compound is valuable in the development of pharmaceuticals and agrochemicals. Its structure, featuring both chloro and iodo substituents, allows for further functionalization through cross-coupling reactions, making it a key building block in creating complex molecules. It is also employed in the research and production of liquid crystals and electronic materials due to its unique electronic properties. Additionally, it serves as a precursor in the synthesis of biologically active compounds, particularly in the development of potential therapeutic agents targeting various diseases.