Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the preparation of bioactive molecules requiring cyclopropyl and aryl iodide functionalities. The iodine atom allows for further functionalization via cross-coupling reactions such as Suzuki or Heck reactions, enabling the construction of complex organic structures. Its cyclopropyl group contributes to metabolic stability and conformational restriction in drug design, making it valuable in medicinal chemistry for optimizing lead compounds. Also employed in the development of novel organic materials and ligands for catalysis.