Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the preparation of substituted aromatic compounds. Its iodo and methoxy groups allow for selective cross-coupling reactions, making it valuable in constructing complex organic molecules. Commonly employed in palladium-catalyzed reactions such as Suzuki and Heck couplings to form carbon-carbon bonds. Also utilized in the development of liquid crystals and functional materials due to its structural stability and reactivity profile.