This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions. It facilitates the formation of carbon-carbon and carbon-heteroatom bonds, making it valuable in the production of pharmaceuticals, agrochemicals, and fine chemicals. Its stability and efficiency in catalytic processes allow for high yields and selectivity, which is crucial in complex synthetic pathways. Additionally, it is employed in the synthesis of biologically active compounds and advanced materials, contributing to innovations in drug development and industrial chemistry.