This chemical is primarily used in organic synthesis as a building block for more complex molecules. It serves as an intermediate in the production of pharmaceuticals, agrochemicals, and specialty chemicals. The presence of both chloro and iodo substituents on the aromatic ring makes it a versatile reagent for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in creating biologically active compounds. Additionally, it can be employed in the development of materials with specific electronic or optical properties due to its unique structural features. Its ester group also allows for further functionalization, making it valuable in synthetic organic chemistry research.