Used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions like Suzuki-Miyaura and Heck reactions, enabling the formation of carbon-carbon bonds. It is also employed in the pharmaceutical industry for the synthesis of complex molecules due to its high efficiency and selectivity. Additionally, it finds application in materials science for the development of advanced polymers and coatings. Its stability and reactivity make it a valuable tool in both academic research and industrial processes.