Widely used in organic synthesis as a reagent for iodination reactions, particularly in the preparation of iodinated aromatic compounds. It serves as a stable and efficient source of iodine, making it valuable in the production of pharmaceuticals and agrochemicals. Additionally, it is employed in the synthesis of liquid crystal materials, which are essential in display technologies like LCDs. Its role in facilitating specific chemical transformations makes it a crucial component in various industrial and research applications.