Used primarily in organic synthesis, this compound serves as a key intermediate in the production of more complex molecules. Its iodine atom makes it valuable for creating iodinated aromatic compounds, which are often utilized in pharmaceuticals and agrochemicals. Additionally, it plays a role in the development of dyes and pigments due to its ability to modify color properties. In research, it is employed in the study of crystal structures and material properties, aiding in the design of advanced materials. Its reactivity also makes it suitable for use in cross-coupling reactions, which are essential in constructing carbon-carbon bonds in organic chemistry.