This chemical is primarily used as a catalyst in organic synthesis, particularly in cross-coupling reactions. It facilitates the formation of carbon-carbon bonds, making it valuable in the production of complex organic molecules. It is also employed in polymerization processes, where it helps in the creation of specific polymer structures. Additionally, it is utilized in the synthesis of fine chemicals and pharmaceuticals, aiding in the development of active pharmaceutical ingredients. Its role in catalysis contributes to more efficient and selective chemical transformations in industrial and research settings.