Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its reactivity allows for the introduction of ester and alkyl iodide functionalities, making it valuable in carbon chain extension reactions. Commonly employed in the synthesis of heterocyclic compounds and active pharmaceutical ingredients (APIs) where a three-carbon spacer with reactive handles is needed. Also utilized in the preparation of propanoic acid derivatives through hydrolysis or reduction. Its iodine moiety facilitates coupling reactions, including palladium-catalyzed cross-couplings, useful in medicinal chemistry and agrochemical research.