This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing more complex molecules. Its structure, featuring both chloro and iodo substituents, makes it a valuable building block in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in pharmaceutical and agrochemical research. The ester group further allows for functional group transformations, enabling the synthesis of diverse derivatives. Additionally, it can serve as a precursor in the development of liquid crystal materials and organic electronic compounds due to its aromatic core and halogen atoms, which influence electronic properties. Its applications are particularly relevant in medicinal chemistry for designing bioactive molecules or drug candidates.