This chemical is primarily utilized as a catalyst in various organic synthesis reactions. It plays a significant role in facilitating cross-coupling reactions, which are essential in the formation of carbon-carbon bonds. These reactions are crucial in the production of complex organic molecules, including pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in polymerization processes, contributing to the development of specialized polymers with unique properties. Its effectiveness in these applications is attributed to its ability to stabilize reactive intermediates and enhance reaction efficiency.