Widely used as a catalyst precursor in homogeneous catalysis, especially in cross-coupling reactions such as Mizoroki-Heck, Suzuki-Miyaura, and Sonogashira couplings. It facilitates carbon-carbon bond formation under mild conditions due to the labile cyclooctadiene ligand, which allows for easy generation of active palladium species. Commonly employed in organic synthesis for pharmaceuticals, agrochemicals, and fine chemicals. Its solubility in organic solvents and moderate stability make it convenient for use in air-sensitive reactions when handled under inert atmosphere. Also serves as a starting material for synthesizing other palladium catalysts with tailored ligands.