Used primarily in organic synthesis, this compound serves as a building block for pharmaceuticals and agrochemicals. Its isocyanate group readily reacts with amines and alcohols, making it valuable for constructing ureas and urethanes. It is also employed in the preparation of functionalized polymers and specialty materials where the iodine moiety allows for further modification via cross-coupling reactions. Additionally, it finds use in labeling and tracer studies due to the presence of iodine, which can be radioactive or stable depending on the application.