Used as a precursor in the synthesis of cobalt-based catalysts for industrial processes such as Fischer-Tropsch synthesis, which converts syngas into liquid hydrocarbons. Commonly employed in electroplating baths to deposit wear-resistant and magnetic cobalt coatings on metals. Applied in the production of rechargeable batteries, especially in lithium-ion battery cathodes, where cobalt enhances energy density and stability. Utilized in the formulation of drying agents for paints and coatings, accelerating the curing process through oxidative crosslinking. Also serves in nutrient solutions for agriculture to correct cobalt deficiencies in soils, supporting vitamin B12 synthesis in ruminant animals.