This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, where it acts as a key reagent for forming carbon-carbon bonds. It is valuable in the production of pharmaceuticals, agrochemicals, and advanced materials due to its ability to introduce furan rings into complex molecules. Additionally, it serves as a building block in the development of organic electronic materials and sensors. Its stability and reactivity make it a versatile tool in medicinal chemistry for designing drug candidates with improved properties.