Used as a catalyst in organic synthesis, particularly in cross-coupling reactions like the Kumada and Negishi couplings, which are essential for forming carbon-carbon bonds in pharmaceuticals and fine chemicals. It is also employed in polymerization processes to produce specific types of polymers with controlled structures. Additionally, it finds use in hydrogenation and hydroformylation reactions, aiding in the production of industrial chemicals and intermediates. Its stability and reactivity make it valuable in specialized chemical transformations.