This chemical is primarily used in catalysis, particularly in gold-catalyzed organic transformations. It facilitates various reactions such as cyclization, hydration, and oxidation processes, making it valuable in the synthesis of complex organic molecules. Its application is prominent in the pharmaceutical industry for the development of drug intermediates and active pharmaceutical ingredients (APIs). Additionally, it is employed in materials science for the preparation of specialized polymers and advanced materials. The compound’s stability and efficiency in catalytic systems make it a preferred choice for high-precision chemical synthesis.