Used primarily as a reagent in organic synthesis, it plays a significant role in the formation of carbon-carbon bonds, particularly in Suzuki-Miyaura cross-coupling reactions. This chemical is valuable in the pharmaceutical industry for creating complex molecules that are often intermediates in drug development. It is also utilized in the production of advanced materials, where it helps in modifying surfaces or creating polymers with specific properties. Additionally, it finds application in biochemical research for labeling and detecting biomolecules, aiding in studies related to cellular processes and disease mechanisms.