This compound is primarily utilized in the field of organic synthesis, particularly in the development of chiral catalysts. Its unique structure, featuring a spirobiindene core, makes it highly effective in asymmetric synthesis, where it helps in producing enantiomerically pure compounds. This is crucial in the pharmaceutical industry for the production of drugs with specific stereochemistry, ensuring higher efficacy and reduced side effects. Additionally, it is explored in materials science for creating advanced polymers with tailored optical properties, potentially useful in electronics and photonics. Its iodine atoms also make it a candidate for further functionalization, expanding its applicability in various chemical reactions.