This chemical is primarily used in organic synthesis as a catalyst, particularly in olefin metathesis reactions. It facilitates the formation of carbon-carbon double bonds, making it valuable in the production of complex organic molecules, including pharmaceuticals, polymers, and fine chemicals. Its stability and efficiency in various reaction conditions make it a preferred choice for industrial and research applications. Additionally, it is employed in the development of advanced materials and specialty chemicals, where precise control over molecular structure is essential.