This compound is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key building block for creating complex organic molecules, especially in the pharmaceutical industry, where it aids in the development of drugs with trifluoromethyl groups. Its boronic acid functional group allows it to form stable covalent bonds with various aryl halides, enabling the synthesis of biaryl compounds. Additionally, it is utilized in material science for the development of advanced materials, such as organic semiconductors and liquid crystals, due to its ability to introduce specific electronic properties into molecules.