This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as the Suzuki-Miyaura and Heck reactions. Its palladium center, stabilized by triphenylphosphine ligands, facilitates the formation of carbon-carbon bonds, making it valuable in the production of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, the benzyl alcohol moiety can act as a stabilizing agent or a precursor for further functionalization in complex molecule synthesis. Its application extends to materials science, where it aids in the development of polymers and advanced materials.