Used as a catalyst in organic synthesis, particularly in reactions involving C–H activation and cross-coupling transformations. It facilitates the formation of carbon-carbon bonds under mild conditions, making it valuable in pharmaceutical and fine chemical manufacturing. Also employed in electroplating baths to produce wear-resistant and magnetic cobalt coatings. Its role as a source of Co²⁺ ions makes it useful in coordination chemistry for synthesizing cobalt-based complexes with specific magnetic or catalytic properties.