Used in organic synthesis as a key intermediate for the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds to create complex organic molecules. This compound is also employed in the development of sensors and diagnostic tools due to its ability to interact with diols and sugars, making it useful in glucose monitoring and other biochemical applications. Additionally, it serves as a building block in the synthesis of advanced materials, including polymers and liquid crystals, contributing to innovations in material science.