Used primarily as an intermediate in organic synthesis, especially in the preparation of dyes and fluorescent compounds. Its structure allows for selective functionalization in multi-step reactions, making it valuable in the development of specialty chemicals and pharmaceuticals. Commonly employed in coupling reactions such as Suzuki or Heck reactions due to the reactive iodo group. Also finds use in the synthesis of naphthoquinones and other polycyclic aromatic systems with applications in materials science and bioimaging.