This chemical is widely used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and carbonylation processes. It facilitates the addition of hydrogen to unsaturated compounds, making it valuable in the production of fine chemicals and pharmaceuticals. Additionally, it is employed in cross-coupling reactions, which are essential for forming carbon-carbon bonds in complex organic molecules. Its stability and efficiency in catalytic cycles make it a preferred choice in industrial and research applications for creating high-value chemical products.