This chemical is primarily used in catalysis, particularly in organic synthesis reactions. It serves as a highly effective catalyst for cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are essential for forming carbon-carbon bonds in pharmaceutical and fine chemical manufacturing. Its unique structure, involving palladium and phosphine ligands, enhances its stability and reactivity, making it suitable for complex transformations under mild conditions. Additionally, it is employed in hydrogenation and dehydrogenation processes, contributing to the production of various industrial and specialty chemicals. Its application extends to materials science, where it aids in the development of advanced polymers and coatings.