Used as a key intermediate in the synthesis of various organic compounds, particularly in the pharmaceutical industry. It is employed in Suzuki-Miyaura cross-coupling reactions to create biaryl structures, which are essential in developing drugs and bioactive molecules. Additionally, it serves as a building block in the production of advanced materials, such as liquid crystals and polymers, due to its ability to form stable boronate esters. Its applications also extend to research and development in organic chemistry, where it is utilized to study reaction mechanisms and design new chemical entities.