Widely used as a catalyst in cross-coupling reactions, such as the Suzuki-Miyaura and Heck reactions, enabling the formation of carbon-carbon bonds in organic synthesis. It is particularly effective in the production of pharmaceuticals, agrochemicals, and fine chemicals due to its high efficiency and selectivity. Additionally, it finds applications in the synthesis of complex organic molecules, including natural products and polymers. Its stability and reactivity make it a preferred choice in both academic research and industrial processes.