Used primarily in organic synthesis, it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its iodine and aldehyde functional groups make it valuable for constructing complex molecules through coupling reactions. It is also employed in the synthesis of heterocyclic compounds, which are important in drug discovery and development. Additionally, it finds use in material science for creating specialized polymers and dyes. Its reactivity allows for modifications that enhance the properties of final products in industrial and research applications.