This chemical is primarily utilized in organic synthesis, particularly in the development of complex organic compounds. It serves as a key intermediate in the production of pharmaceuticals, where its unique structure aids in the creation of active pharmaceutical ingredients. Additionally, it is employed in material science for the synthesis of advanced polymers and organic semiconductors, which are essential in the manufacturing of electronic devices such as OLEDs (Organic Light Emitting Diodes). Its iodine component makes it a valuable reagent in cross-coupling reactions, facilitating the formation of carbon-carbon bonds, which is crucial in constructing intricate molecular frameworks.