This compound is widely used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as the Suzuki-Miyaura coupling, which is essential for forming carbon-carbon bonds in the production of pharmaceuticals, agrochemicals, and advanced materials. Its effectiveness stems from the ability to facilitate the reaction between aryl halides and boronic acids under mild conditions. Additionally, it is employed in hydrogenation and polymerization processes, where it helps in the efficient conversion of unsaturated compounds into saturated ones or in the creation of polymers with specific properties. The compound's stability and selectivity make it a valuable tool in both academic research and industrial applications.