This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as the Heck reaction, Suzuki-Miyaura coupling, and Negishi coupling. It facilitates the formation of carbon-carbon bonds, making it valuable in the synthesis of complex organic molecules, including pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in polymerization processes to produce specific polymers with tailored properties. Its stability and reactivity under mild conditions make it a preferred choice in both academic research and industrial applications.