This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key reagent for forming carbon-carbon bonds, enabling the creation of complex biphenyl derivatives. These derivatives are valuable in the development of pharmaceuticals, agrochemicals, and organic materials. Its boronic acid group facilitates efficient coupling with aryl halides, making it a versatile building block in medicinal chemistry for designing drug candidates. Additionally, it is employed in material science for synthesizing organic electronic components, such as OLEDs and semiconductors.