Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, enabling the synthesis of complex organic molecules. Its application extends to the development of biologically active compounds, including potential drug candidates, due to its ability to introduce specific functional groups into target molecules. Additionally, it is employed in material science for the creation of advanced materials with tailored properties.