Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals. It serves in the preparation of substituted phenols and heterocyclic compounds due to the reactivity of both the chlorine and iodine substituents. The iodine allows for further functionalization via cross-coupling reactions such as Suzuki or Heck reactions, making it valuable in medicinal chemistry for building complex molecules. Also employed in the development of dyes and functional materials where halogenated aromatics are required.