This compound is primarily used as a catalyst in organic synthesis, particularly in the formation of carbon-carbon and carbon-heteroatom bonds. It is highly effective in facilitating cross-coupling reactions, such as the Buchwald-Hartwig amination, which is crucial for producing pharmaceuticals and agrochemicals. Additionally, it is employed in polymerization processes to create specialized polymers with unique properties. Its stability and efficiency make it a preferred choice in advanced catalytic applications, contributing to the development of complex organic molecules in research and industrial settings.