Widely used in Suzuki-Miyaura cross-coupling reactions to synthesize complex biaryl compounds, which are essential in pharmaceutical and agrochemical industries. It serves as a key intermediate in the production of various active pharmaceutical ingredients (APIs), particularly in the development of drugs targeting neurological and oncological diseases. Additionally, it is employed in material science for creating advanced organic electronic materials, such as OLEDs and organic semiconductors, due to its ability to introduce specific functional groups into molecular structures. Its unique boronic acid group also makes it valuable in sensor development for detecting sugars and other biomolecules.