This chemical is primarily used as a highly effective catalyst in olefin metathesis reactions, which are crucial in organic synthesis. It facilitates the formation of carbon-carbon double bonds, enabling the construction of complex molecular structures. Its applications are prominent in the pharmaceutical industry for synthesizing active pharmaceutical ingredients (APIs) and in polymer chemistry for creating advanced materials with specific properties. Additionally, it is utilized in the production of fine chemicals and specialty polymers, where precise control over molecular architecture is required. Its stability and efficiency make it a preferred choice for challenging metathesis transformations in research and industrial settings.