Used primarily as an intermediate in the synthesis of pharmaceuticals and agrochemicals. Its structure allows for selective functionalization in multi-step reactions, particularly in the development of fluorinated organic compounds. The iodo and nitro groups serve as reactive sites for cross-coupling reactions and nucleophilic substitutions, making it valuable in constructing complex molecules. Commonly employed in the preparation of bioactive agents where the trifluoromethyl group enhances metabolic stability and lipophilicity.