Used as a key intermediate in Suzuki-Miyaura cross-coupling reactions, this compound facilitates the synthesis of biaryl structures, which are essential in pharmaceuticals and organic materials. It is particularly valuable in creating complex molecules for drug development, including potential treatments for cancer and other diseases. Additionally, it serves as a building block in the production of liquid crystals and organic light-emitting diodes (OLEDs), contributing to advancements in display technologies. Its versatility also extends to agrochemical research, where it aids in the development of novel pesticides and herbicides.