Used as a catalyst precursor in palladium-based homogeneous catalysis, particularly in coupling reactions such as Heck, Suzuki, and Sonogashira reactions. It facilitates carbon-carbon bond formation under mild conditions. Also employed in the synthesis of fine chemicals, pharmaceuticals, and specialty polymers due to its ability to activate aryl halides. Its solubility in polar solvents makes it suitable for solution-phase reactions. Additionally, it serves as a reagent in the preparation of other palladium complexes used in industrial and academic research.