Used as a catalyst in organic synthesis, particularly in cross-coupling reactions like Suzuki, Heck, and Stille reactions, enabling the formation of carbon-carbon bonds. It is also employed in the synthesis of complex organic molecules, including pharmaceuticals, fine chemicals, and agrochemicals. The compound's stability and reactivity make it suitable for use in homogeneous catalysis, often under mild conditions. Additionally, it is utilized in polymer chemistry for the preparation of functionalized polymers and materials. Its versatility in catalytic applications makes it valuable in both academic research and industrial processes.