This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions like Suzuki-Miyaura and Heck reactions. It facilitates the formation of carbon-carbon bonds, which is essential in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and efficiency make it a preferred choice in complex synthetic processes. Additionally, it is employed in polymerization reactions to create specialized polymers with tailored properties. The compound's ability to operate under mild conditions enhances its applicability in sensitive or intricate chemical transformations.