This chemical is primarily utilized in catalysis, particularly in organic synthesis processes where it facilitates various coupling reactions, such as the Heck reaction and Suzuki-Miyaura coupling. Its unique structure allows it to act as an efficient catalyst in the formation of carbon-carbon bonds, which is crucial in the production of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it is employed in the development of advanced materials, where its catalytic properties contribute to the synthesis of complex organic molecules with high precision and selectivity. Its stability and reactivity make it a valuable component in research and industrial applications requiring palladium-based catalysts.