This chemical is widely used in cross-coupling reactions, particularly in the synthesis of complex organic molecules. It serves as a highly efficient catalyst in Suzuki-Miyaura and Buchwald-Hartwig reactions, enabling the formation of carbon-carbon and carbon-nitrogen bonds. Its application is prominent in pharmaceutical research for the development of drug candidates, as well as in material science for creating advanced polymers and electronic materials. The catalyst's stability and reactivity make it suitable for use in both academic and industrial settings, often under mild reaction conditions.