This compound is primarily used in organic synthesis as a versatile building block for the preparation of more complex molecules. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it acts as a boronic acid reagent to form carbon-carbon bonds, enabling the synthesis of biaryl compounds. These biaryl structures are essential in the development of pharmaceuticals, agrochemicals, and materials science. Additionally, it can serve as an intermediate in the creation of biologically active compounds, including potential drug candidates targeting various diseases. Its chloro and hydroxyl groups also allow for further functionalization, making it useful in the design of specialized polymers and ligands for catalysis.