This chemical is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. Its boron-containing dioxaborolane group acts as a key intermediate, enabling the formation of carbon-carbon bonds in the synthesis of complex organic molecules. It is often employed in pharmaceutical research for constructing biologically active compounds, such as drug candidates targeting specific enzymes or receptors. Additionally, it finds use in material science for developing advanced polymers and organic electronic materials. Its stability and reactivity make it a valuable tool in the preparation of aromatic and heteroaromatic compounds.