This chemical is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as Suzuki-Miyaura coupling. It serves as a valuable intermediate for constructing complex molecules, especially in pharmaceutical research and development. The boronate ester group in its structure enables efficient formation of carbon-carbon bonds, making it useful in the synthesis of biologically active compounds. It is also employed in the preparation of pyrazole derivatives, which are important in drug discovery due to their diverse pharmacological properties. Additionally, it finds applications in material science for the development of advanced organic materials.