This compound is primarily utilized in organic synthesis as a versatile building block for the development of complex molecules. Its unique structure, featuring both fluorine and iodine substituents, makes it a valuable intermediate in cross-coupling reactions, such as Suzuki and Sonogashira couplings, which are essential in the production of pharmaceuticals and agrochemicals. The trifluoromethoxy group enhances the lipophilicity and metabolic stability of the resulting compounds, making it particularly useful in drug discovery for designing molecules with improved bioavailability. Additionally, it serves as a precursor in the synthesis of advanced materials, including liquid crystals and polymers, where its fluorine-containing groups contribute to desirable properties like thermal stability and chemical resistance.