Widely used as a catalyst in cross-coupling reactions, especially in Suzuki, Negishi, and Stille couplings, enabling the formation of carbon-carbon bonds in organic synthesis. It is particularly effective in reactions involving aryl and vinyl halides. Its air-stable and homogeneous nature makes it a preferred choice in pharmaceutical and fine chemical industries for constructing complex molecules. Commonly employed in the synthesis of natural products, polymers, and functional materials due to its high catalytic activity and selectivity. Also used in academic research for developing new catalytic processes and studying reaction mechanisms.