This chemical is primarily utilized as a catalyst in organic synthesis, particularly in the development of pharmaceuticals and fine chemicals. It is effective in facilitating various chemical reactions, including polymerization processes, where it helps in controlling the molecular structure and properties of the resulting polymers. Additionally, it is employed in the synthesis of complex organic compounds, where its unique structure aids in achieving high selectivity and efficiency. The compound is also explored in material science for the creation of advanced materials with specific desired characteristics, such as enhanced thermal stability and mechanical strength. Its application extends to research and development in the field of medicinal chemistry, where it is used to synthesize novel drug candidates with potential therapeutic benefits.