Used primarily as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for creating more complex molecules, including those with potential therapeutic properties. Additionally, it is utilized in material science for the development of liquid crystals and other advanced materials. Its role in cross-coupling reactions, such as Suzuki-Miyaura coupling, makes it valuable in the synthesis of biaryl compounds, which are important in various industrial applications.