This compound is primarily utilized in organic synthesis as a catalyst, particularly in reactions involving carbon-carbon bond formation, such as the Pauson-Khand reaction. Its ability to stabilize reactive intermediates makes it valuable in the synthesis of complex organic molecules. It is also employed in the preparation of organometallic compounds, where its unique structure facilitates the transfer of functional groups. Additionally, it finds use in research focused on developing new catalytic processes, especially those involving cobalt-based systems. Its applications extend to materials science, where it contributes to the creation of specialized polymers and coatings with enhanced properties.