This chemical is widely used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions like Suzuki, Heck, and Negishi couplings. Its effectiveness in facilitating the formation of carbon-carbon bonds makes it valuable in pharmaceutical research and the production of complex organic molecules. Additionally, it is employed in polymer chemistry to aid in the synthesis of advanced materials. Its stability and efficiency under mild conditions make it a preferred choice in both academic and industrial settings.