This chemical is widely used as a catalyst in various organic synthesis reactions. It plays a key role in cross-coupling reactions, such as the Negishi coupling, which is essential for forming carbon-carbon bonds in the production of complex organic molecules. 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. Its ability to facilitate these reactions makes it valuable in the pharmaceutical and materials science industries for developing new drugs and advanced materials.