Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to create complex biaryl compounds. These compounds are essential in pharmaceuticals, agrochemicals, and material science. It also serves as a building block in the development of sensors and catalysts due to its boronic acid functional group, which can selectively bind to diols and other molecules. Additionally, it is employed in the preparation of liquid crystals and organic electronic materials.