Used as a key intermediate in Suzuki-Miyaura cross-coupling reactions, this compound facilitates the synthesis of biaryl structures, which are essential in pharmaceuticals and organic materials. It is particularly valuable in creating complex molecules for drug development, including potential treatments for cancer and other diseases. Additionally, it serves as a building block in agrochemical research to develop new pesticides and herbicides. Its role in organic synthesis also extends to the production of advanced materials, such as liquid crystals and polymers, which are used in electronics and display technologies.