Used as a highly effective catalyst in organic synthesis, particularly in reactions requiring strong acidic conditions. It is commonly employed in the formation of carbon-carbon and carbon-heteroatom bonds, making it valuable in the production of pharmaceuticals and fine chemicals. Additionally, it serves as a key reagent in polymerization processes, aiding in the creation of specialized polymers with unique properties. Its stability and efficiency also make it suitable for use in electrochemical applications, such as in the development of advanced battery materials.