This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a key intermediate for the introduction of furan rings into more complex molecules, which is valuable in the development of pharmaceuticals, agrochemicals, and functional materials. Its boronic ester group enables efficient coupling with aryl or vinyl halides, facilitating the creation of carbon-carbon bonds. Additionally, it finds application in the synthesis of heterocyclic compounds, which are often explored for their biological activity and potential use in drug discovery.