This chemical is primarily utilized in organic synthesis as a versatile building block for the development of more complex molecules. It is often employed in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) due to its reactive halogen and hydroxyl groups, which facilitate various coupling and substitution reactions. Additionally, it serves as a key intermediate in the preparation of agrochemicals, particularly in the creation of herbicides and pesticides. Its unique structure allows for the introduction of iodine, which can be further modified through cross-coupling reactions, making it valuable in medicinal chemistry and material science research.