This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key building block for creating complex organic molecules, especially in the pharmaceutical industry where it aids in the development of drug candidates. Its boronic acid group enables efficient coupling with aryl halides, facilitating the formation of carbon-carbon bonds. This makes it valuable in constructing biologically active compounds, such as those used in cancer research or neurological studies. Additionally, it can be employed in material science for designing advanced polymers or functional materials with specific properties. Its unique structure allows for precise modifications, making it a versatile reagent in various chemical applications.