Primarily used in organic synthesis as an intermediate for the production of more complex chemical compounds. It is particularly valuable in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs) due to its reactive iodine and nitro groups, which facilitate further chemical modifications. Additionally, it finds application in material science for creating specialized polymers and coatings. Its unique structure allows it to act as a building block in the synthesis of dyes and pigments. In research, it is employed in studies involving aromatic substitutions and cross-coupling reactions, contributing to advancements in synthetic chemistry methodologies.