Used primarily in organic synthesis, this compound serves as a key intermediate in the production of more complex molecules. Its iodo and carboxylic acid functional groups make it valuable for cross-coupling reactions, such as Suzuki or Heck reactions, which are essential in pharmaceutical and agrochemical research. Additionally, it is utilized in the development of dyes and pigments due to its aromatic structure. In material science, it can be employed to modify polymers or create specialized coatings. Its unique structure also makes it a candidate for studying reaction mechanisms in academic research.