This compound is primarily utilized as a catalyst in various organic synthesis processes. It is particularly effective in promoting polymerization reactions, especially for the production of specialized polymers with unique properties. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where its catalytic activity helps in achieving high selectivity and efficiency. The compound is also studied for its potential use in coordination chemistry and material science, where its structural properties can be leveraged to develop advanced materials with specific functionalities.