This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key building block for creating complex organic molecules, including pharmaceuticals and agrochemicals. Its boronic acid group facilitates the formation of carbon-carbon bonds, enabling the synthesis of biaryl compounds. Additionally, it is employed in the development of fluorescent probes and materials for organic electronics due to its naphthalene backbone, which can impart desirable optical properties.