Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of functionalized polymers and specialty chemicals. Its iodine functionality allows for cross-coupling reactions, such as in Heck or Suzuki reactions, enabling the construction of complex organic molecules. The protected alcohol group (as acetate) provides selective reactivity, making it useful in multi-step syntheses where controlled deprotection and further derivatization are required. It is also employed in the development of pharmaceuticals and agrochemicals requiring aliphatic chain modifications with reactive handles.