This chemical is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester group serves as a key intermediate for constructing complex organic molecules, especially in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs). Additionally, it is employed in material science for creating advanced polymers and organic electronic materials. Its nitrile group further enhances its reactivity, making it valuable in the synthesis of heterocyclic compounds and fine chemicals.