This chemical is primarily used as a catalyst in organic synthesis, particularly in cross-coupling reactions. It facilitates the formation of carbon-carbon and carbon-heteroatom bonds, making it valuable in the production of pharmaceuticals, agrochemicals, and fine chemicals. Its stability and efficiency in catalytic processes allow for milder reaction conditions and improved yields. Additionally, it is employed in the synthesis of complex organic molecules, including natural products and polymers, due to its ability to promote selective transformations.