Used as a key reagent in Suzuki-Miyaura cross-coupling reactions, it facilitates the formation of carbon-carbon bonds, essential in synthesizing complex organic molecules. It is also employed in the development of sensors for detecting sugars and other diol-containing compounds due to its ability to form reversible covalent bonds with 1,2- or 1,3-diols. Additionally, it serves as a building block in the preparation of pharmaceutical intermediates and materials for organic electronics. Its aldehyde group allows for further functionalization, making it versatile in organic synthesis and material science.