This chemical is primarily utilized in organic synthesis, particularly in the development of complex organic compounds. It serves as a key intermediate in the production of pharmaceuticals, where its biphenyl structure is valuable for creating bioactive molecules. Additionally, it is used in material science for the synthesis of advanced materials, such as liquid crystals and organic semiconductors, due to its ability to facilitate cross-coupling reactions. Its bromo and iodo substituents make it a versatile building block in palladium-catalyzed reactions, such as Suzuki and Sonogashira couplings, which are essential in constructing carbon-carbon bonds for various applications.