This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in cross-coupling processes. It plays a significant role in facilitating the formation of carbon-carbon and carbon-heteroatom bonds, which are crucial in the production of pharmaceuticals, agrochemicals, and advanced materials. Its application is especially valuable in the synthesis of complex organic molecules, where it enhances reaction efficiency and selectivity. Additionally, it is employed in polymerization reactions, contributing to the development of specialized polymers with tailored properties. The compound's stability and effectiveness under diverse reaction conditions make it a reliable choice in industrial and research settings.