Used primarily in organic synthesis, this chemical serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of compounds with potential therapeutic properties, such as anti-inflammatory and anti-cancer agents. Additionally, it plays a role in the synthesis of dyes and pigments, contributing to the vibrant colors in textiles and industrial materials. Its iodine component makes it useful in radiolabeling applications, aiding in medical imaging and research studies.