This chemical is primarily utilized in catalysis, particularly in organic synthesis processes. It serves as a catalyst in cross-coupling reactions, which are essential for forming carbon-carbon bonds in complex organic molecules. Its application is significant in pharmaceutical research and development, where it aids in the synthesis of active pharmaceutical ingredients (APIs). Additionally, it is employed in the production of fine chemicals and specialty materials, contributing to advancements in materials science and industrial chemistry. The compound's unique structure enhances its effectiveness in facilitating challenging chemical transformations, making it a valuable tool in modern synthetic chemistry.