This compound is primarily utilized in organic synthesis as a building block for creating complex molecules. It is often employed in Suzuki-Miyaura cross-coupling reactions, which are widely used to form carbon-carbon bonds. The boronic acid group in this compound makes it a valuable reagent for coupling with aryl halides, enabling the synthesis of biaryl structures. These structures are significant in the development of pharmaceuticals, agrochemicals, and organic materials. Additionally, its binaphthyl backbone can impart chirality, making it useful in asymmetric synthesis and the production of chiral catalysts or ligands for enantioselective reactions. Its application extends to materials science, where it can be used to design advanced polymers or organic electronic materials.