This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling processes. It plays a significant role in facilitating the formation of carbon-carbon bonds, which is essential in the production of complex organic molecules. Additionally, it is employed in the polymerization of olefins, contributing to the creation of high-performance polymers. Its stability and efficiency in catalytic systems make it valuable in industrial and research settings for developing pharmaceuticals, agrochemicals, and advanced materials.