This chemical is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as Suzuki-Miyaura coupling. Its boronate ester group makes it a valuable intermediate for constructing complex molecules, often in pharmaceutical research and development. It is also employed in the synthesis of indole derivatives, which are key structures in many biologically active compounds. Additionally, it can serve as a building block in material science for creating advanced polymers or functionalized materials. Its role in medicinal chemistry is notable, as it aids in the development of potential drug candidates targeting various diseases.