Used as a key intermediate in the synthesis of various pharmaceutical compounds, particularly in the development of drugs targeting neurological disorders. It plays a significant role in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds in complex organic molecules. This compound is also employed in the preparation of fluorescent probes and sensors for detecting biological molecules, aiding in biochemical research and diagnostics. Additionally, it is utilized in material science for the development of advanced polymers and coatings with specific functional properties.