This chemical is primarily used in organic synthesis, particularly in catalytic reactions. It serves as a catalyst in cross-coupling reactions, such as the Heck reaction, which is widely employed to form carbon-carbon bonds in the production of pharmaceuticals, agrochemicals, and fine chemicals. Its effectiveness in facilitating these reactions makes it valuable in the development of complex organic molecules. Additionally, it is utilized in polymer chemistry to assist in the synthesis of specialized polymers with tailored properties. The compound’s stability and reactivity under mild conditions make it a preferred choice in various industrial and research applications.