This chemical is primarily utilized in organic synthesis as a versatile intermediate for constructing more complex molecules. Its structure, featuring both chloro and iodo substituents, allows for selective functionalization through cross-coupling reactions, such as Suzuki or Sonogashira couplings, making it valuable in pharmaceutical and agrochemical research. Additionally, the methyl group enhances its reactivity in further derivatization processes. It is also employed in the development of heterocyclic compounds, which are essential in creating biologically active molecules, including potential drug candidates.