This compound is primarily utilized in the field of organic synthesis, particularly in the development of advanced materials and pharmaceuticals. Its structure, featuring both cyano and nitro groups, makes it a valuable intermediate in the synthesis of heterocyclic compounds, which are often employed in medicinal chemistry for drug discovery. The presence of the iodo group allows for further functionalization through cross-coupling reactions, enabling the creation of complex molecules with potential biological activity. Additionally, its acrylate moiety makes it suitable for polymerization processes, contributing to the production of specialty polymers with tailored properties for industrial applications.