This chemical is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a boronic acid reagent, enabling the formation of carbon-carbon bonds, which is essential in the production of pharmaceuticals, agrochemicals, and advanced materials. Its structure, featuring a pyrazole ring and a hydroxyethyl group, enhances its stability and reactivity in these reactions. Additionally, it is employed in the development of biologically active compounds, including potential drug candidates, due to its ability to interact with various molecular targets. Its applications also extend to material science, where it is used in the synthesis of organic electronic materials and polymers.