This chemical is primarily used in organic synthesis, particularly in catalytic processes. It serves as a highly effective catalyst in olefin metathesis reactions, which are crucial for forming carbon-carbon double bonds in complex organic molecules. Its application is significant in the production of pharmaceuticals, fine chemicals, and advanced materials. The compound's stability and reactivity make it suitable for use in both industrial and academic research settings, enabling the synthesis of challenging molecular structures with high precision and efficiency. Additionally, it is employed in polymer chemistry to create specialized polymers with unique properties, contributing to advancements in material science.