This chemical is primarily used in catalysis, particularly in organic synthesis processes. It serves as a precursor for various iridium-based catalysts, which are highly effective in hydrogenation and dehydrogenation reactions. These reactions are crucial in the production of fine chemicals, pharmaceuticals, and agrochemicals. Additionally, it is employed in asymmetric synthesis, enabling the creation of enantiomerically pure compounds, which are important in the development of drugs and other bioactive molecules. Its stability and reactivity make it a valuable tool in advanced chemical research and industrial applications.