Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, which are widely employed to form carbon-carbon bonds in the development of drugs and bioactive molecules. Its boronic acid group enables efficient coupling with aryl halides, making it useful in creating complex organic structures. Additionally, it finds applications in the synthesis of materials for organic electronics, where precise molecular design is crucial. Its hydroxyl and chloro substituents further enhance its reactivity and versatility in tailored chemical transformations.