Used as a catalyst in polymerization reactions, particularly in the production of polyolefins like polyethylene and polypropylene. It is also employed in organic synthesis as an organomagnesium reagent to form carbon-carbon bonds, enabling the creation of complex organic molecules. Additionally, it serves as a precursor in the preparation of other organomagnesium compounds, which are valuable in various chemical processes. Its role in alkylation and deprotonation reactions makes it useful in pharmaceutical and fine chemical industries.