This chemical is widely used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, where it acts as a key intermediate for creating complex organic compounds. Its boronic acid group enables the formation of carbon-carbon bonds, making it valuable in pharmaceutical research for developing drug candidates. Additionally, it is employed in materials science for designing advanced polymers and functional materials. Its hydroxyethyl group enhances solubility and reactivity, making it suitable for various catalytic and synthetic applications.