Used as a catalyst in organic synthesis, particularly in coupling reactions such as Suzuki and Heck reactions, due to its stable porphyrin structure and palladium center. Its well-defined coordination environment enhances selectivity and efficiency in catalytic processes. Also employed in research for photodynamic therapy and as a model compound in biomimetic studies, mimicking natural metalloporphyrins in electron transfer systems. Additionally, it finds application in sensors and materials science for designing molecular electronic devices.