Used extensively in Suzuki-Miyaura cross-coupling reactions, this compound serves as a key intermediate for synthesizing complex organic molecules, particularly in pharmaceuticals and agrochemicals. Its boronic acid group enables efficient coupling with aryl halides, facilitating the creation of biaryl structures. It is also employed in the development of furan-based compounds, which are valuable in drug discovery due to their bioactive properties. Additionally, it plays a role in material science for constructing organic electronic materials and polymers. Its versatility makes it a crucial reagent in organic synthesis and industrial applications.