This chemical is primarily used as a precursor in the synthesis of boron-containing compounds, particularly in the development of advanced materials and catalysts. It plays a significant role in the production of boron nitride coatings, which are valued for their thermal stability and lubricating properties. Additionally, it is utilized in organic synthesis to introduce boron atoms into molecules, enabling the creation of complex structures for pharmaceuticals and agrochemicals. Its application extends to the field of polymer chemistry, where it aids in the modification of polymers to enhance their thermal and mechanical properties.