This compound is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the construction of more complex molecules. Its unique structure, featuring both chloro and iodo substituents, makes it particularly valuable in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in the development of pharmaceuticals and agrochemicals. Additionally, the presence of the methyl group can influence the reactivity and selectivity of the compound, enabling the synthesis of specific target molecules with high precision. It is also employed in the preparation of heterocyclic compounds, which are often key components in medicinal chemistry due to their biological activity.