Used primarily in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. Its structure, featuring both a hydroxyl group and an iodine atom, makes it a versatile intermediate in the creation of compounds with potential biological activity. Additionally, it can serve as a precursor in the synthesis of dyes and pigments due to its aromatic properties. In research, it is employed in studies focusing on the development of new catalytic processes and materials. Its unique chemical structure allows for selective modifications, making it valuable in fine chemical production.