Used as a catalyst in polymerization and oxidation reactions, particularly in the production of synthetic rubbers and resins. Acts as a drier in paints, varnishes, and printing inks by accelerating the curing of drying oils through oxidative crosslinking. Employed in fuel and lubricant additives to improve combustion efficiency and reduce deposits. Also utilized in wood preservatives and as a crosslinking agent in coatings and adhesives for enhanced durability.