Used in organic synthesis as a building block for more complex molecules, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as an intermediate in the production of various compounds, including those with potential medicinal properties. The iodine atom in the molecule makes it a useful precursor for cross-coupling reactions, such as Suzuki or Heck reactions, which are essential in creating carbon-carbon bonds. Additionally, it can be employed in the development of liquid crystals and other advanced materials. Its hydroxyl group allows for further functionalization, making it versatile in chemical transformations.