This chemical is primarily used as a building block in organic synthesis, particularly in the development of pharmaceuticals and agrochemicals. Its structure, featuring iodine and trifluoromethyl groups, makes it a valuable intermediate for cross-coupling reactions, such as the Suzuki-Miyaura and Sonogashira reactions, which are essential in creating complex organic molecules. Additionally, it is utilized in the preparation of liquid crystals and advanced materials due to its unique electronic properties. Its trifluoromethyl groups also enhance the lipophilicity and metabolic stability of compounds, making it useful in drug discovery and development.