Used primarily as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions like Suzuki and Heck reactions, which are essential for creating complex organic compounds in pharmaceuticals and fine chemicals. It is also employed in electroplating processes to deposit palladium onto surfaces, providing corrosion resistance and enhancing electrical conductivity. Additionally, it serves as a precursor in the preparation of other palladium compounds used in research and industrial applications. Its role in hydrogenation and dehydrogenation reactions further highlights its importance in chemical manufacturing processes.