This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a key building block for creating complex organic molecules, especially in the pharmaceutical and agrochemical industries. Its boronic acid group enables efficient coupling with aryl halides, facilitating the formation of carbon-carbon bonds. This makes it valuable in the development of drugs, fine chemicals, and advanced materials. Additionally, its furan and pyrrole moieties contribute to its use in designing heterocyclic compounds, which are often integral to bioactive molecules and functional materials.