Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows it to participate in coupling reactions, making it valuable for creating complex molecules. Additionally, it is employed in the development of dyes and pigments due to its ability to modify color properties. In research, it is utilized to study reaction mechanisms and develop new synthetic pathways. Its iodine component also makes it useful in radiolabeling applications for tracking chemical processes.