This chemical is primarily utilized as a precursor or catalyst in organic synthesis, particularly in the development of N-heterocyclic carbenes (NHCs). It plays a significant role in transition metal catalysis, where it enhances the efficiency and selectivity of various chemical reactions, such as cross-coupling, hydrogenation, and polymerization processes. Its structure, featuring bulky isopropyl groups and an iodine substituent, makes it highly effective in stabilizing metal complexes and improving catalytic activity. Additionally, it is employed in the synthesis of advanced materials and coordination polymers, contributing to innovations in materials science and industrial chemistry.