Used as a catalyst in organic synthesis, particularly in polymerization reactions (such as for polybutadiene and styrene-butadiene rubber) and hydrogenation processes. It serves as a drier in paints, inks, and coatings by accelerating the oxidation and crosslinking of drying oils, such as linseed oil. Commonly employed in the production of resins, adhesives, and plastics to improve curing speed and film formation. Also utilized in fuel and lubricant additives to enhance combustion efficiency and reduce deposits, as well as a dispersant to improve additive distribution. Its solubility in organic solvents makes it suitable for homogeneous catalytic applications.