Used primarily in organic synthesis, this compound serves as a key intermediate in the formation of complex molecules through Suzuki-Miyaura cross-coupling reactions. It is particularly valuable in the pharmaceutical industry for constructing pyrrole-containing compounds, which are essential in drug development. Additionally, it finds application in material science for creating advanced polymers and electronic materials due to its ability to facilitate precise molecular assembly. Its role in catalysis and ligand design also makes it significant in research and industrial processes.