This compound is primarily used in organic synthesis as a catalyst or reagent, particularly in reactions involving the transfer of cyclopentadienyl groups. Its stability and reactivity make it suitable for facilitating complex transformations in the creation of organometallic compounds. Additionally, it finds application in electrochemical studies due to its redox-active properties, allowing researchers to explore electron transfer processes. In materials science, it serves as a precursor for the deposition of cobalt-containing thin films, which are essential in the development of advanced electronic and magnetic materials. Its hexafluorophosphate counterion enhances solubility in non-aqueous solvents, making it versatile for use in various experimental setups.