This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as the Heck reaction, Suzuki-Miyaura coupling, and Buchwald-Hartwig amination. It facilitates the formation of carbon-carbon and carbon-heteroatom bonds, which is essential in the production of complex organic molecules. Its application is significant in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) and intermediates. Additionally, it is employed in the development of advanced materials, including polymers and fine chemicals, where precise molecular structures are required. The compound's stability and efficiency make it a valuable tool in research and industrial processes aimed at creating high-purity and high-yield products.