This chemical is widely used as a catalyst in various cross-coupling reactions, which are essential in organic synthesis. It is particularly effective in Suzuki-Miyaura and Buchwald-Hartwig reactions, enabling the formation of carbon-carbon and carbon-nitrogen bonds. Its application is crucial in the pharmaceutical industry for synthesizing complex molecules, including active pharmaceutical ingredients (APIs). Additionally, it is employed in material science for creating advanced polymers and organic electronic materials. The compound’s stability and efficiency make it a preferred choice for researchers and industrial chemists working on fine chemical production and drug development.