This chemical is widely used in catalysis, particularly in organic synthesis and industrial processes. It serves as a precursor for iridium-based catalysts, which are effective in hydrogenation, dehydrogenation, and C-H bond activation reactions. Its application is notable in the production of fine chemicals, pharmaceuticals, and specialty materials. Additionally, it is utilized in research for developing new catalytic systems due to its stability and reactivity under various conditions. Its role in asymmetric synthesis is also significant, enabling the creation of complex chiral molecules with high precision.