This chemical is primarily used in organic synthesis as a versatile intermediate for constructing complex molecules. Its presence of both an ester group and an iodo substituent makes it valuable in cross-coupling reactions, such as Suzuki or Heck reactions, which are essential in pharmaceutical and agrochemical research. The compound is also employed in the development of liquid crystal materials due to its aromatic structure, which can influence molecular alignment. Additionally, it serves as a precursor in the synthesis of specialty chemicals and fine chemicals, where its functional groups allow for further modifications to achieve desired properties.