This chemical is primarily used in organic synthesis as a building block for more complex molecules. It serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders and cancer. Additionally, it is utilized in the synthesis of agrochemicals, contributing to the creation of pesticides and herbicides. Its iodine moiety makes it a valuable reagent in cross-coupling reactions, which are essential in constructing carbon-carbon bonds in advanced organic compounds. It also finds applications in material science, where it aids in the development of organic semiconductors and conductive polymers.