Used as a catalyst in organic synthesis, particularly in Meerwein-Ponndorf-Verley reductions, where it facilitates the reduction of aldehydes and ketones to their corresponding alcohols using isopropanol as a hydrogen donor, while the catalyst itself is oxidized to acetone. It is also employed in the preparation of fine chemicals and pharmaceuticals due to its selectivity and mild reaction conditions. Additionally, it serves as a reagent in ester interchange reactions (transesterification) for producing specialty esters. Its role as a precursor in sol-gel processes makes it valuable in the production of aluminum oxide materials and thin films for coatings and catalyst supports. Furthermore, it is used in the synthesis of other chemicals such as phenyl amino alcohols, and in the production of certain plastics or resins. It can also be used as a drying agent or moisture scavenger in closed systems due to its ability to bind water and alcohol.