This compound is primarily used in organic synthesis as a building block for more complex molecules. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds. Its boronic acid group is highly reactive with aryl or vinyl halides, making it useful in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it serves as a key intermediate in the development of fluorescent dyes and sensors due to its ability to interact with specific biological targets. Its furan ring structure also contributes to its application in the synthesis of heterocyclic compounds, which are important in drug discovery and material science.