This compound is widely 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 essential in the production of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it is employed in the synthesis of complex organic molecules and materials, including polymers and coordination compounds. Its stability and efficiency in catalytic processes make it a valuable tool in both academic research and industrial applications.