Used extensively in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, to create biaryl compounds, which are essential in pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of various drugs, including those targeting cancer and inflammation. Additionally, it is employed in material science for developing organic electronic materials, such as OLEDs and sensors, due to its ability to form stable boron-carbon bonds. Its role in catalysis and polymer chemistry also highlights its versatility in industrial applications.