Used as a catalyst in organic reactions, particularly in the synthesis of fluorinated compounds. It is also employed in the production of specialty glasses and ceramics, where it imparts specific optical and mechanical properties. Additionally, it serves as a precursor in the preparation of other cobalt-based materials and coatings. In the electronics industry, it is utilized in the manufacturing of magnetic recording media and semiconductors. Its role in fluoride ion batteries is also being explored for energy storage applications.