This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronate ester group acts as a key functional group, enabling the formation of carbon-carbon bonds with aryl or vinyl halides in the presence of a palladium catalyst. This makes it valuable in the production of complex organic molecules, including pharmaceuticals, agrochemicals, and advanced materials. Additionally, its naphthalene core contributes to its use in the development of organic semiconductors and fluorescent dyes, where its structural properties enhance electronic and optical characteristics.