Used primarily as a reagent in organic synthesis, particularly in the preparation of adamantyl-containing compounds that serve as building blocks in pharmaceuticals and agrochemicals. Its iodide group is highly reactive, making it suitable for substitution reactions, including nucleophilic displacement and cross-coupling reactions. It is also employed in the synthesis of catalysts and functional materials where the rigid adamantane framework enhances thermal and chemical stability. Due to the lipophilic nature of the adamantyl group, derivatives formed from this compound often exhibit improved membrane permeability, which is advantageous in drug design, especially for central nervous system agents.