Widely used as a catalyst in organic synthesis, particularly in reactions involving carbon-carbon bond formation. It promotes cycloaddition and coupling reactions under mild conditions, offering high selectivity. Employed in polymerization processes, especially for dienes, enabling the production of specialty polymers with controlled structures. Acts as a precursor in the synthesis of organometallic complexes used in materials science. Its redox-active nature makes it valuable in electrochemical applications and studies of electron transfer processes. Also utilized in research for developing cobalt-based reagents in homogeneous catalysis.