This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key reagent for constructing carbon-carbon bonds, enabling the formation of complex organic molecules. Its application is significant in the pharmaceutical industry, where it aids in the development of drug intermediates and active pharmaceutical ingredients (APIs). Additionally, it is employed in material science for the synthesis of advanced polymers and functional materials. The compound's stability and reactivity make it a valuable tool in research and industrial processes for creating tailored chemical structures.