This compound is primarily used in organic synthesis, particularly in cross-coupling reactions like the Suzuki-Miyaura reaction, where it acts as a boronic acid reagent. It is valuable for constructing complex organic molecules, especially in pharmaceutical research, where it aids in the development of drug candidates. Its furan ring structure makes it useful in materials science for creating polymers or functional materials with specific electronic or mechanical properties. Additionally, it can serve as a building block in the synthesis of bioactive compounds or agrochemicals due to its reactive boronic acid group and hydroxymethyl functionality.