Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, essential for constructing complex organic molecules. Additionally, it finds application in the development of advanced materials, such as polymers and liquid crystals, due to its ability to introduce specific functional groups into molecular structures. Its role in catalysis and material science underscores its importance in modern chemical research and industrial processes.