This chemical is primarily used as a highly efficient catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as Sonogashira, Heck, and Suzuki-Miyaura couplings. Its robust structure and stability make it suitable for facilitating the formation of carbon-carbon and carbon-heteroatom bonds under mild conditions. Additionally, it is employed in the polymerization of olefins and other monomers, contributing to the production of high-performance polymers. Its application extends to asymmetric synthesis, where it aids in creating chiral molecules with high enantioselectivity, which is crucial in pharmaceutical and agrochemical manufacturing. The compound's versatility and efficiency make it a valuable tool in advanced chemical research and industrial processes.