It is primarily utilized as a catalyst in various organic synthesis reactions, particularly in polymerization processes. The compound is effective in facilitating the formation of polymers with specific properties, making it valuable in the production of advanced materials. Additionally, it is employed in the development of magnetic materials due to its iron content, which contributes to magnetic properties. Its use extends to research and development in coordination chemistry, where it serves as a model compound for studying metal-ligand interactions and electronic structures. Furthermore, it finds application in the field of nanotechnology, aiding in the synthesis of nanoparticles with tailored characteristics for use in electronics and catalysis.