This compound is primarily utilized in organic synthesis as a key intermediate in the development of various pharmaceuticals and agrochemicals. Its structure, featuring a cyclopropane ring and an iodophenyl group, makes it a versatile building block for constructing more complex molecules. It is often employed in cross-coupling reactions, such as Suzuki or Sonogashira couplings, to introduce the cyclopropane moiety into target compounds. Additionally, its ester functionality allows for further chemical modifications, enabling the creation of derivatives with potential biological activity. Researchers also explore its use in the synthesis of novel materials and ligands for catalytic processes.