This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the development of pharmaceuticals, particularly in the construction of complex molecules due to its reactive halogen groups. The presence of both chlorine and iodine atoms makes it a valuable precursor for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in creating biologically active compounds. Additionally, it serves as a building block in the synthesis of agrochemicals, where its structural features contribute to the development of herbicides or pesticides. Its ester functionality also allows for further chemical modifications, enabling its use in the production of fine chemicals and specialty materials.