This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as Suzuki-Miyaura and Buchwald-Hartwig amination. It facilitates the formation of carbon-carbon and carbon-nitrogen bonds, making it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and efficiency in catalytic cycles make it a preferred choice for complex molecular transformations in both academic research and industrial applications.