This compound is primarily utilized in organic synthesis, particularly in the formation of complex molecules through coupling reactions. Its iodine substituent makes it a valuable intermediate in palladium-catalyzed cross-coupling reactions, such as the Suzuki or Heck reactions, which are essential in pharmaceutical and material science research. Additionally, the presence of the acrylic acid group allows for further functionalization, enabling its use in the development of polymers or coatings with specific properties. Its applications also extend to the field of medicinal chemistry, where it serves as a building block for designing bioactive molecules or potential drug candidates.