Used as a catalyst in industrial chemical reactions, particularly in the reduction of nitrogen oxides (NOx) in exhaust gases, helping to minimize air pollution from power plants and vehicles. Also applied in electrochemical processes due to its good electrical conductivity and stability. Shows promise in energy storage systems such as lithium-ion batteries and supercapacitors because of its ability to undergo reversible redox reactions. Additionally, utilized in gas sensors for detecting reducing gases like hydrogen and carbon monoxide owing to its sensitivity and response stability.