Used primarily in organic synthesis, particularly in the preparation of complex organic compounds. It serves as a key intermediate in the development of pharmaceuticals, where it is utilized to introduce iodine atoms into molecular structures, aiding in the creation of biologically active molecules. Additionally, it finds application in material science, contributing to the synthesis of organic semiconductors and light-emitting materials for electronic devices. Its role in cross-coupling reactions is also significant, enabling the formation of carbon-carbon bonds in advanced chemical processes.