This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in the polymerization of olefins and other hydrocarbons. Its unique structure allows it to facilitate the formation of complex polymer chains, making it valuable in the production of plastics and synthetic rubbers. Additionally, it finds application in the field of materials science, where it is used to develop conductive polymers and advanced coatings with specific electronic properties. In research, it serves as a model compound for studying coordination chemistry and the behavior of transition metal complexes. Its ability to stabilize reactive intermediates also makes it useful in certain catalytic processes within the pharmaceutical industry.