Used as a precursor in palladium-based catalyst synthesis for cross-coupling reactions such as Suzuki and Heck reactions, which are key in forming carbon-carbon bonds in pharmaceutical and fine chemical manufacturing. Also employed in the preparation of supported palladium catalysts for industrial hydrogenation processes. Its role as a source of palladium makes it valuable in materials science for producing conductive films and in electroless plating for electronics. Additionally, it finds use in research for developing new palladium complexes with catalytic activity.