This chemical is widely used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions like the Heck, Suzuki, and Sonogashira reactions. Its effectiveness in facilitating the formation of carbon-carbon bonds makes it valuable in the production of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in the synthesis of complex organic molecules and polymers, where precise catalytic activity is essential. Its stability and reactivity in organic solvents further enhance its utility in industrial and research applications.