Used as a key intermediate in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to form biaryl compounds, which are essential in pharmaceuticals and agrochemicals. It is also employed in the preparation of complex molecules for drug discovery, aiding in the development of potential therapeutic agents. Additionally, it serves as a building block in material science for creating advanced polymers and organic electronic materials. Its boronic acid group enables selective binding to diols, making it useful in carbohydrate sensing and biochemical research.