This compound is widely used as a building block in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It plays a crucial role in the formation of carbon-carbon bonds, enabling the synthesis of complex organic molecules. Its applications extend to the pharmaceutical industry, where it is utilized in the development of drug candidates and bioactive compounds. Additionally, it serves as a key intermediate in the production of advanced materials, including liquid crystals and organic semiconductors. Its stability and reactivity make it a valuable reagent in research and industrial processes.