Used primarily in organic synthesis, particularly in the production of advanced materials and pharmaceuticals. It serves as a key intermediate in the development of organic light-emitting diodes (OLEDs) due to its ability to facilitate electron transport and enhance device efficiency. Additionally, it is employed in the synthesis of complex organic compounds, including dyes and pigments, where its iodine atom enables precise modifications. Its role in cross-coupling reactions, such as Suzuki and Heck reactions, makes it valuable in creating carbon-carbon bonds for drug discovery and material science applications.