This compound is primarily utilized in organic synthesis as a key intermediate for cross-coupling reactions, particularly in Suzuki-Miyaura reactions. It serves as a boronic acid reagent, enabling the formation of carbon-carbon bonds in the production of complex organic molecules. Its application is significant in the pharmaceutical industry for the synthesis of drug candidates and active pharmaceutical ingredients (APIs). Additionally, it is used in material science for the development of organic electronic materials and polymers. The compound's stability and reactivity make it a valuable tool in the construction of furan-containing compounds, which are often explored for their biological and chemical properties.