Used primarily in organic synthesis, it serves as a versatile intermediate for the production of various pharmaceuticals and agrochemicals. Its hydroxyl and iodo groups make it suitable for coupling reactions, enabling the creation of complex molecules. Additionally, it is employed in the development of antimicrobial agents and as a precursor in the synthesis of iodine-containing compounds. Its role in polymerization processes is also notable, contributing to the production of specialized resins and coatings. In research, it is utilized for studying reaction mechanisms and developing new synthetic pathways.