Used as a catalyst in organic synthesis, particularly in hydroformylation and hydrogenation reactions. It facilitates the conversion of alkenes into aldehydes by adding carbon monoxide and hydrogen across double bonds. Also employed in carbonylation processes to introduce carbonyl groups into hydrocarbons. Its high reactivity makes it valuable in industrial petrochemical processing and fine chemical manufacturing. Often used as a precursor to other cobalt-containing catalysts. Requires careful handling due to sensitivity to air and moisture.