This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a key reagent for forming carbon-carbon bonds, enabling the construction of complex organic molecules. Its binaphthyl structure makes it valuable in asymmetric synthesis, where it can help create chiral compounds with high enantioselectivity. Additionally, it is employed in the development of pharmaceuticals, agrochemicals, and advanced materials due to its ability to introduce specific functional groups into target molecules. Its boronic acid group also makes it useful in sensor development, particularly for detecting sugars and other biologically relevant molecules.