This chemical is primarily used in catalysis, particularly in organic synthesis. It serves as a precursor for various iridium-based catalysts, which are effective in hydrogenation and dehydrogenation reactions. These reactions are crucial in the production of fine chemicals, pharmaceuticals, and agrochemicals. The compound is also employed in the development of new catalytic systems for C-H activation processes, enabling the functionalization of hydrocarbons. Its stability and reactivity make it valuable in research and industrial applications where precise control over catalytic activity is required.