Used primarily as a catalyst in organic synthesis, this compound facilitates various chemical reactions, including hydrogenation and polymerization processes. Its structure allows it to act as a robust and efficient catalyst, particularly in reactions requiring precise control over molecular transformations. Additionally, it finds application in the development of advanced materials, such as conductive polymers and photovoltaic cells, where its unique electronic properties enhance performance. In research, it serves as a model compound for studying metalloporphyrin chemistry, aiding in the understanding of catalytic mechanisms and material properties.