This chemical is primarily used as a catalyst in organic synthesis, particularly in olefin metathesis reactions. It facilitates the rearrangement of carbon-carbon double bonds, making it valuable in the production of polymers, pharmaceuticals, and fine chemicals. Its stability and efficiency in catalytic processes enable the synthesis of complex organic molecules with high selectivity. Additionally, it is employed in research and development to explore new catalytic pathways and improve existing methodologies in industrial chemistry.