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. It facilitates the formation of carbon-carbon bonds, which is crucial in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and efficiency make it a valuable tool in the development of complex organic molecules. Additionally, it is employed in the synthesis of fine chemicals and polymers, contributing to advancements in material science and industrial chemistry.