This chemical is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It acts as a boronic acid derivative, enabling the formation of carbon-carbon bonds, which is essential in constructing complex organic molecules. Its application is significant in pharmaceutical research, where it aids in the development of drug candidates by facilitating the synthesis of biaryl compounds. Additionally, it is used in material science for creating advanced polymers and functional materials. Its role in catalysis and as a reagent in organic transformations makes it valuable in both academic and industrial research settings.