Used as a mild and selective reducing agent in organic synthesis, particularly for the reduction of carbonyl groups, imines, and other functional groups sensitive to harsher reductants. It is valued for its stability and ease of handling compared to gaseous borane. Commonly employed in pharmaceutical manufacturing and fine chemical synthesis where controlled reduction is required. Its compatibility with various solvents and functional groups makes it suitable for multi-step reactions. Also utilized in the preparation of other borane derivatives and as a reagent in hydroboration reactions.