This compound is primarily used as a precursor in the synthesis of N-heterocyclic carbenes (NHCs), which are valuable ligands in organometallic chemistry and catalysis. It plays a significant role in the development of catalysts for various organic transformations, including cross-coupling reactions, hydrogenation, and polymerization processes. Its stable carbene form is particularly useful in creating highly efficient and selective catalytic systems. Additionally, it finds applications in materials science, where it contributes to the design of advanced polymers and coordination compounds with tailored properties. Its versatility and stability make it a key component in both academic research and industrial applications.