Primarily used in the field of catalysis, this compound plays a significant role in facilitating various chemical reactions, particularly in organic synthesis where it helps in the chlorination and oxidation processes. Its effectiveness as a catalyst is valued in the production of fine chemicals and pharmaceuticals, enabling more efficient and selective reactions. Additionally, it is utilized in the research and development of new materials, especially in the study of molybdenum-based compounds which are crucial for their electronic and catalytic properties. This makes it a valuable component in advancing technologies related to energy storage and conversion systems.