Used primarily in the synthesis of other iridium compounds and in catalysis, especially in homogeneous catalytic reactions such as hydrogenation and oxidation processes. It serves as a precursor in the preparation of catalysts for industrial organic transformations. Also employed in electroplating and in the production of specialty materials requiring high thermal and chemical stability. Its role in fuel cell research and in the development of conductive coatings is increasingly significant due to iridium’s excellent electrocatalytic properties.