This chemical is primarily used as a key intermediate in organic synthesis, particularly in the preparation of complex organic compounds. It is widely employed in Suzuki-Miyaura cross-coupling reactions, a type of palladium-catalyzed reaction that forms carbon-carbon bonds. This makes it valuable in the pharmaceutical industry for synthesizing active pharmaceutical ingredients (APIs) and in material science for creating advanced polymers and organic electronic materials. Additionally, its stability and reactivity make it suitable for use in the development of sensors and catalysts, particularly in applications requiring precise molecular recognition or binding properties.