Used primarily as an alkylating agent in organic synthesis, enabling the introduction of acetoxymethyl groups to various substrates. Its reactivity makes it valuable in the preparation of esters, ethers, and other functionalized compounds in pharmaceutical and agrochemical intermediates. Due to the iodine moiety, it also serves in halogen-exchange reactions, facilitating the synthesis of other alkyl halides. Handle with care, as it is moisture-sensitive and potentially lachrymatory.