This compound is primarily used in organic synthesis as a versatile building block for the formation of carbon-carbon and carbon-heteroatom bonds. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, which are widely employed in the pharmaceutical industry to construct complex molecules for drug development. Its stability and reactivity make it suitable for creating biaryl structures, which are common in many active pharmaceutical ingredients. Additionally, it can be utilized in the preparation of advanced materials, such as polymers and liquid crystals, due to its ability to introduce functional groups into molecular frameworks. Its applications also extend to the field of chemical biology, where it can be used to modify biomolecules for research purposes.