Used as a catalyst in organic synthesis, particularly in cross-coupling reactions and hydrofunctionalization processes. It serves as a source of cobalt ions in electroplating baths, contributing to wear and corrosion resistance in metal coatings. Employed in the preparation of magnetic materials due to cobalt’s inherent magnetic properties. Also utilized in laboratory research for studying coordination chemistry and spin-crossover phenomena. Acts as a moisture-sensitive reagent in the synthesis of other cobalt-containing compounds. Additionally, used in the production of deep blue ceramics in the glass and ceramics industry.