Widely used in organic synthesis as a catalyst, particularly in cross-coupling reactions like Suzuki, Heck, and Sonogashira reactions. It facilitates the formation of carbon-carbon bonds, making it essential in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and reactivity in chloroform make it a preferred choice for homogeneous catalysis. Additionally, it is employed in the synthesis of complex organic molecules and polymers, contributing to advancements in material science and drug development.