Used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions to create biaryl compounds, which are essential in pharmaceuticals and material science. Acts as a key intermediate in the development of drugs, especially those targeting neurological disorders. Also employed in the preparation of advanced materials, including liquid crystals and polymers, due to its ability to form stable boronates. Its fluorine and hydroxymethyl groups enhance reactivity and selectivity in various chemical transformations.