This chemical is widely used as a highly efficient catalyst in various cross-coupling reactions, particularly in organic synthesis. It plays a crucial role in facilitating Suzuki-Miyaura and Heck coupling reactions, which are essential for forming carbon-carbon bonds in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and selectivity make it a preferred choice for complex transformations, enabling the synthesis of intricate molecular structures with high precision. Additionally, it is employed in the development of fine chemicals and polymers, contributing to innovations in material science and industrial chemistry.