Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds to create complex molecules. Its boronic acid group facilitates the coupling with aryl halides, making it essential in the development of drugs, especially those targeting cancer and inflammation. Additionally, it is employed in the synthesis of advanced materials and organic electronic components, contributing to innovations in material science.