This chemical is primarily utilized in organic synthesis as a catalyst, particularly in cross-coupling reactions such as the Heck reaction, Suzuki-Miyaura coupling, and Sonogashira coupling. Its palladium center facilitates the formation of carbon-carbon bonds, making it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in the synthesis of complex organic molecules due to its ability to stabilize reactive intermediates and enhance reaction efficiency. Its application extends to polymer chemistry, where it aids in the polymerization of certain monomers to create specialized polymers with unique properties.