Used as a catalyst in organic synthesis, particularly in polymerization reactions and oxidation processes. It promotes selective transformations in fine chemical production due to its Lewis acidity and redox properties.

Also employed as a drier in coatings, inks, and paints, accelerating the curing of alkyd resins by facilitating autoxidation. Its solubility in organic media makes it suitable for homogeneous catalytic systems.

Additionally, it finds use in fuel additives to improve combustion efficiency and reduce emissions.