This chemical is primarily utilized as a catalyst in organic synthesis, particularly in reactions involving carbene generation. It is effective in facilitating various transformations, such as olefin metathesis, which is crucial in the production of complex organic molecules. Its stability and reactivity make it suitable for use in demanding chemical environments, often leading to high yields and selectivity in the desired products. Additionally, it finds application in polymerization processes, where it helps in controlling the molecular weight and structure of polymers, enhancing their properties for specific industrial uses.