This chemical is primarily utilized in organic synthesis as a reagent for the formation of iodonium ylides, which are valuable intermediates in various chemical reactions. It is particularly effective in facilitating the transfer of phenyl groups to nucleophiles, enabling the construction of complex organic molecules. Additionally, it finds application in the development of pharmaceuticals and agrochemicals, where its unique reactivity aids in the synthesis of biologically active compounds. Its role in catalytic processes and as a precursor for advanced materials further underscores its importance in modern chemical research and industrial applications.