Widely used as a catalyst precursor in organic synthesis, particularly in reactions involving carbon–carbon bond formation. It plays a key role in cycloaddition reactions and is effective in promoting various transformations under mild conditions. Its stability and reactivity make it suitable for use in the preparation of fine chemicals and pharmaceutical intermediates. Additionally, it serves as a reagent in the generation of iron-based active species in homogeneous catalysis. The compound is also employed in research settings for the development of new organometallic systems and catalytic processes.