This chemical is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a key building block for the formation of carbon-carbon bonds, enabling the creation of complex organic molecules. Its applications extend to the pharmaceutical industry, where it is used in the development of drug candidates and active pharmaceutical ingredients (APIs). Additionally, it finds use in material science for the synthesis of advanced materials, including polymers and organic electronic components. Its stability and reactivity make it a valuable reagent in research and industrial processes.