Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various dyes and pigments. Its structure allows for the creation of complex molecules, particularly in the development of colorants for textiles, inks, and coatings. Additionally, it finds application in the pharmaceutical industry, where it is utilized in the synthesis of certain active pharmaceutical ingredients (APIs). Its iodine atoms make it a valuable precursor in cross-coupling reactions, which are essential in constructing complex organic molecules.