This chemical is primarily utilized as a catalyst or co-catalyst in various organic synthesis processes. It plays a significant role in polymerization reactions, particularly in the production of specialized polymers with tailored properties. Its application extends to the development of high-performance materials, such as coatings, adhesives, and elastomers, where it enhances the efficiency and control of the polymerization process. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where its catalytic properties help achieve precise and efficient reactions. Its stability and effectiveness make it a valuable component in industrial and research settings for optimizing chemical processes.