This compound is primarily used as a catalyst in organic synthesis, particularly in olefin metathesis reactions. It facilitates the rearrangement of carbon-carbon double bonds, enabling the formation of complex cyclic and linear alkenes. Its robust structure and high reactivity make it suitable for applications in polymer chemistry, where it aids in the production of advanced materials with specific properties. Additionally, it is employed in the pharmaceutical industry for synthesizing intricate molecular structures, contributing to the development of new drugs. Its stability under various conditions allows for efficient and selective transformations in challenging synthetic pathways.