This chemical is primarily used as a catalyst in various organic synthesis reactions. It is particularly effective in facilitating cross-coupling reactions, such as the Suzuki-Miyaura coupling, which is widely employed in the production of pharmaceuticals, agrochemicals, and advanced materials. Its ability to stabilize and activate organic substrates makes it valuable in creating complex molecular structures. Additionally, it is utilized in polymerization processes, contributing to the development of specialized polymers with tailored properties for industrial applications. Its role in catalysis helps improve reaction efficiency and selectivity, making it a crucial component in synthetic chemistry.