Used as a crosslinking agent in polymer chemistry, particularly in the synthesis of high-density networks due to its ability to introduce iodine-containing functional groups. These groups can participate in further chemical modifications, such as coupling reactions or radiolabeling for imaging applications. Also explored in the development of specialty monomers for flame-retardant materials owing to the presence of iodine, which imparts inherent flame resistance. Its strained cyclobutane ring enhances reactivity in ring-opening reactions, making it useful in designing unique polymer architectures.