Primarily used in organic synthesis, this compound serves as a key intermediate in the development of various pharmaceuticals. Its unique structure allows it to act as a precursor in the synthesis of boron-containing drugs, which are increasingly important in medicinal chemistry due to their potential therapeutic applications. Additionally, it is utilized in the creation of advanced materials, particularly in the field of organic electronics, where it contributes to the development of new organic semiconductors and light-emitting diodes (LEDs). Its boron-oxygen bond also makes it valuable in catalysis, especially in reactions requiring precise control over molecular transformations.