This chemical is primarily utilized in organic synthesis, particularly in the formation of complex molecules through cross-coupling reactions. It serves as a key intermediate in the preparation of pharmaceuticals, where its boronate ester functionality enables efficient Suzuki-Miyaura coupling reactions. These reactions are critical for constructing carbon-carbon bonds in drug development. Additionally, it finds application in material science, where it is used to modify polymers and create advanced materials with specific properties. Its trifluoroethanol moiety also contributes to its use in designing compounds with enhanced stability and bioavailability.