This compound is widely used in organic synthesis, particularly as a catalyst in cross-coupling reactions. It plays a crucial role in forming carbon-carbon and carbon-heteroatom bonds, making it valuable in pharmaceutical and fine chemical manufacturing. Its application extends to the synthesis of complex organic molecules, including natural products and active pharmaceutical ingredients. The compound’s stability and efficiency in catalytic cycles make it a preferred choice for reactions like Suzuki-Miyaura and Heck couplings. Additionally, it is utilized in the development of advanced materials and polymers, contributing to innovations in materials science.