Used primarily as an intermediate in organic synthesis, this compound is valuable in the production of pharmaceuticals and fine chemicals. It serves as a building block for constructing complex molecules, particularly in the development of active pharmaceutical ingredients (APIs). Its reactive iodomethyl group allows for facile functionalization, making it useful in cross-coupling reactions and nucleophilic substitutions. Additionally, it is employed in the preparation of heterocyclic compounds, which are crucial in drug discovery and material science. Its application extends to the synthesis of agrochemicals and specialty chemicals, where its structural versatility is leveraged to create targeted compounds with specific biological or chemical properties.