Iridium(III) acetate is primarily used as a catalyst in various organic synthesis reactions. It plays a significant role in hydrogenation and oxidation processes, where it helps facilitate the conversion of reactants into desired products efficiently. Additionally, it is employed in the production of fine chemicals and pharmaceuticals, where precise catalytic activity is crucial. In materials science, it is utilized in the development of advanced coatings and electronic components due to its stability and unique properties. Its application in research and industrial processes underscores its importance in modern chemistry.