This chemical is primarily utilized in organic synthesis, particularly in the development of pharmaceuticals and advanced materials. Its structure makes it a valuable intermediate in the construction of complex molecules, especially in the synthesis of biphenyl derivatives. It is often employed in cross-coupling reactions, such as Suzuki-Miyaura coupling, which are critical in creating carbon-carbon bonds for drug discovery and material science applications. Additionally, it serves as a precursor in the production of liquid crystals, which are essential components in display technologies like LCDs. Its iodine moiety also makes it useful in radiolabeling studies for tracking and imaging purposes in medical research.