This chemical is primarily used as a catalyst in various organic synthesis processes, particularly in cross-coupling reactions. It facilitates the formation of carbon-carbon bonds, which is essential in the production of complex organic molecules. Its application is significant in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) and in material science for creating advanced polymers. The compound’s ability to stabilize reactive intermediates makes it valuable in asymmetric synthesis, enabling the production of enantiomerically pure compounds. Additionally, it is employed in the development of fine chemicals and agrochemicals, where precise control over molecular structure is crucial.