Primarily utilized in organic synthesis, this compound serves as a crucial intermediate in the production of various pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs). Its boronic acid group enables it to participate in Suzuki-Miyaura cross-coupling reactions, a widely used method for forming carbon-carbon bonds, which is essential in creating complex organic molecules. Additionally, it finds application in the development of advanced materials, such as organic electronic devices, due to its ability to modify and enhance the properties of polymers and small molecules. In research, it is employed as a building block for constructing naphthalene derivatives, which are studied for their potential in medicinal chemistry and material science.