Used as a catalyst in organic synthesis, particularly in alkylation and condensation reactions. It facilitates carbon-carbon bond formation and is effective in promoting electrophilic reactions due to the Lewis acidic nature of lead(II). Also employed in the preparation of fluorinated compounds, where the trifluoroacetate group influences reactivity and solubility. Its hydrated form helps stabilize the compound during storage and handling, making it suitable for use in moisture-sensitive transformations when properly controlled.