This compound is primarily utilized in catalysis, particularly in organic synthesis processes. It serves as a catalyst in cross-coupling reactions, such as Suzuki and Heck reactions, which are essential for forming carbon-carbon bonds in complex organic molecules. Its unique structure and palladium content make it highly effective in facilitating these reactions under mild conditions, improving efficiency and selectivity. Additionally, it is employed in the development of pharmaceuticals and fine chemicals, where precise control over molecular structure is critical. Its stability and reactivity also make it suitable for use in research and industrial applications involving advanced material synthesis.