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 intermediate, enabling the formation of carbon-carbon bonds, which is essential in constructing complex organic molecules. It is often employed in the pharmaceutical industry for the development of drug candidates, as it allows for the precise modification of molecular structures. Additionally, it finds use in materials science for the synthesis of advanced polymers and functional materials. Its cyclopropane moiety can impart unique steric and electronic properties, making it valuable in designing compounds with specific reactivity or stability.