Used as a catalyst in rubber vulcanization, enhancing the cross-linking process to improve elasticity and durability of rubber products. Also serves as a stabilizer in plastics, particularly in polyvinyl chloride (PVC), to prevent degradation from heat and light. Employed in the synthesis of other nickel-containing compounds for industrial applications. Its complex structure makes it useful in coordination chemistry research and in the development of metal-organic frameworks. Additionally, it has been explored as a precursor in thin-film deposition processes for electronic materials.