This compound 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 synthesis of complex organic molecules. Its boronic acid group is essential for coupling with aryl or vinyl halides, making it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, the presence of the hydroxymethyl group allows for further functionalization, enhancing its versatility in creating tailored chemical structures. Its application is particularly significant in drug discovery and development, where precise molecular modifications are critical.