Used as a catalyst in organic synthesis, particularly in oxidation and polymerization reactions. It serves in electroplating baths to improve the quality and adhesion of cobalt coatings, especially on zinc and iron substrates for enhanced corrosion and wear resistance in automotive, aerospace, and electronics industries. Also applied in the preparation of specialty coatings and in some flame retardant formulations due to its thermal stability. Its solubility in water makes it suitable for use in aqueous reaction systems. Additionally, it can serve as a precursor in synthesizing other catalysts and in research on magnetic materials.