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. Commonly applied in coatings and adhesives as a drying agent, enhancing cure speed and film formation. Also utilized in fuel additives to improve combustion efficiency and reduce emissions. Its solubility in organic solvents makes it suitable for homogeneous catalytic systems in industrial and laboratory settings.