This chemical is primarily used as a highly efficient catalyst in cross-coupling reactions, particularly in the synthesis of complex organic molecules. Its application is prominent in the pharmaceutical industry for the production of active pharmaceutical ingredients (APIs), where it facilitates the formation of carbon-carbon and carbon-heteroatom bonds with high precision and yield. Additionally, it is employed in materials science for the development of advanced organic materials, including polymers and small molecules with specific electronic or structural properties. The catalyst's stability and selectivity make it suitable for use in challenging synthetic transformations, enabling the creation of novel compounds with potential applications in drug discovery, agrochemicals, and functional materials.