Iodine monobromide is primarily used as a reagent in organic synthesis, particularly in halogenation reactions. It is effective in adding bromine atoms to organic compounds, making it valuable in the production of brominated intermediates for pharmaceuticals and agrochemicals. Additionally, it serves as a catalyst in certain chemical processes, enhancing reaction rates and selectivity. In analytical chemistry, it is employed for the determination of unsaturated compounds due to its ability to react with double bonds. Its role in these applications highlights its importance in both industrial and laboratory settings.