Acenaphthene-5-boronic acid is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. This reaction is widely employed in the pharmaceutical industry to create complex biaryl compounds, which are essential in the development of various drugs. The compound acts as a key intermediate, enabling the formation of carbon-carbon bonds with high precision and efficiency. Additionally, it finds application in material science, where it is used to synthesize organic electronic materials, such as polymers and small molecules, for use in OLEDs and other optoelectronic devices. Its boronic acid group also makes it valuable in the development of sensors and probes for detecting specific analytes in biochemical research.