Used primarily in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, it serves as a key intermediate for creating complex biaryl compounds. These compounds are valuable in pharmaceutical research for developing drugs with potential therapeutic properties. Additionally, it is employed in material science for designing organic electronic materials, such as OLEDs, due to its ability to form stable covalent bonds with various organic substrates. Its cyclopropyl group enhances the structural diversity of the resulting products, making it useful in the development of novel chemical entities.