This compound is widely used in organic synthesis, particularly as a catalyst in cross-coupling reactions, such as the Suzuki-Miyaura and Heck reactions. It facilitates the formation of carbon-carbon bonds, making it essential in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and efficiency in catalytic processes make it a preferred choice in industrial and laboratory settings. Additionally, it is employed in the synthesis of complex organic molecules, including natural products and polymers, due to its ability to operate under mild conditions and with high selectivity.