Used primarily in Suzuki-Miyaura cross-coupling reactions, this compound serves as a key building block in the synthesis of complex organic molecules, especially in pharmaceutical and agrochemical industries. Its boronate ester group enables efficient carbon-carbon bond formation under mild conditions, making it valuable in drug discovery and development. It is also employed in materials science for constructing conjugated systems used in organic electronics. The presence of both hydroxyl and hydroxymethyl groups allows for further functionalization, enhancing its versatility in multi-step syntheses.