This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as the Suzuki-Miyaura and Heck reactions. Its effectiveness in facilitating the formation of carbon-carbon bonds makes it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in polymer chemistry for the synthesis of complex polymers with specific properties. The compound's stability and efficiency under mild reaction conditions make it a preferred choice in industrial and research applications.