Used as a catalyst in organic synthesis, particularly in hydroformylation reactions where alkenes are converted to aldehydes. It facilitates the addition of carbon monoxide and hydrogen across double bonds, offering high selectivity in industrial processes. Also employed in the production of fine chemicals and intermediates due to its ability to activate carbon-carbon multiple bonds. Shows activity in carbonylation reactions, enabling the formation of esters and carboxylic acids under mild conditions. Its reactivity with unsaturated hydrocarbons makes it valuable in petrochemical refining and specialty polymer synthesis.