Used as a highly effective catalyst in organic synthesis, particularly in C–H activation and cross-coupling reactions. It promotes carbon-carbon and carbon-heteroatom bond formations under mild conditions. Commonly applied in the synthesis of pharmaceuticals and fine chemicals due to its strong Lewis acidity and stability in various solvents. Also utilized in electrochemical processes and as a reagent in the preparation of other cobalt-based catalysts. Shows good performance in Friedel-Crafts acylation and alkylation reactions.