Widely used as a catalyst in organic synthesis, particularly in the formation of carbon-carbon and carbon-heteroatom bonds. It plays a crucial role in facilitating reactions such as cross-coupling, polymerization, and hydrogenation processes. Its stability and efficiency make it a preferred choice in industrial and academic research settings. Additionally, it is employed in the development of pharmaceuticals, agrochemicals, and advanced materials due to its ability to enhance reaction selectivity and yield.