This chemical is primarily utilized in organic synthesis, particularly as a building block for the creation of more complex molecules. It is often employed in the development of pharmaceuticals, where it serves as an intermediate in the synthesis of active pharmaceutical ingredients (APIs). Additionally, it finds application in the field of material science, where it is used to produce organic semiconductors and liquid crystals, which are essential components in electronic devices like OLEDs (organic light-emitting diodes). Its iodine atom makes it a useful precursor in cross-coupling reactions, such as the Suzuki-Miyaura reaction, which is widely used in the formation of carbon-carbon bonds.