Used primarily as a catalyst in various chemical reactions, including oxidation processes in the production of synthetic fibers and plastics. It is also employed in the manufacturing of paints and coatings, where it acts as a drying agent, accelerating the hardening process. In the electronics industry, it serves as a precursor for cobalt-based materials used in batteries and magnetic recording media. Additionally, it finds application in the synthesis of other cobalt compounds and as an additive in animal feed to prevent cobalt deficiency.