This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions such as the Suzuki-Miyaura and Heck reactions. It facilitates the formation of carbon-carbon bonds, making it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and efficiency in catalytic processes make it a preferred choice for complex molecular transformations. Additionally, it is employed in research and development for creating novel compounds with potential applications in medicinal chemistry and material science.