This chemical is widely used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as Suzuki, Heck, and Sonogashira couplings. Its effectiveness in facilitating the formation of carbon-carbon bonds makes it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in the synthesis of complex organic molecules, including natural products and polymers, due to its stability and high catalytic activity. The compound is also utilized in research and development for exploring new catalytic processes and optimizing existing ones.