Widely used in cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, due to its effectiveness as a catalyst in forming carbon-carbon bonds. It is particularly valued for its stability and efficiency in organic synthesis, making it a preferred choice in pharmaceutical and fine chemical industries. Additionally, it is employed in the production of advanced materials, including polymers and nanomaterials, where precise catalytic control is essential. Its role in facilitating complex transformations under mild conditions enhances its utility in research and industrial applications.