This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the development of more complex chemical structures. Its iodine atom makes it particularly useful in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential for creating carbon-carbon bonds in pharmaceutical and materials science research. Additionally, its pyrazole ring structure is often explored for its potential in designing biologically active molecules, including drug candidates targeting various diseases. Researchers also investigate its application in the synthesis of agrochemicals and other specialty chemicals due to its versatile reactivity.