Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, enabling the synthesis of complex organic molecules. Additionally, it finds application in the development of sensors and diagnostic agents due to its ability to interact with specific biological targets. Its role in material science is also notable, contributing to the creation of advanced polymers and coatings with tailored properties.