Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals and agrochemicals. Its diiodo and dihydroxy structure makes it valuable for constructing complex molecules, particularly in the development of iodine-containing drugs. Additionally, it is utilized in research settings for studying iodine-mediated reactions and as a precursor in the synthesis of dyes and pigments. Its properties also make it suitable for applications in material science, particularly in the development of specialized polymers and coatings.