This chemical is primarily utilized in catalysis, particularly in organic synthesis reactions. It serves as an efficient catalyst for cross-coupling reactions, enabling the formation of carbon-carbon bonds, which is crucial in the production of complex organic molecules. Its application extends to the pharmaceutical industry, where it aids in the synthesis of active pharmaceutical ingredients (APIs) and intermediates. Additionally, it is employed in material science for the development of advanced polymers and coatings, contributing to enhanced material properties. The compound's unique structure allows for selective and high-yield transformations, making it valuable in both academic research and industrial processes.