This chemical is primarily used in catalysis, especially in organic synthesis processes. It plays a significant role in hydrogenation and transfer hydrogenation reactions, where it facilitates the addition of hydrogen to unsaturated compounds. It is also employed in the development of advanced materials, particularly in the creation of organometallic complexes for use in optoelectronics and photovoltaics. Additionally, it is utilized in research for studying reaction mechanisms involving iridium-based catalysts, contributing to the development of more efficient and selective catalytic systems.