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 application is significant in pharmaceuticals, where it aids in the development of drug intermediates and active pharmaceutical ingredients (APIs). Additionally, it is employed in material science for synthesizing advanced polymers and functional materials. Its versatility and efficiency make it a valuable tool in both academic research and industrial processes.