This chemical is widely used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions, due to its ability to facilitate the formation of carbon-carbon and carbon-heteroatom bonds. It is also employed in the production of pharmaceuticals and fine chemicals, where precise catalytic activity is essential. Additionally, it finds application in the development of advanced materials, such as polymers and coatings, where its sulfonic acid groups contribute to enhanced solubility and stability. Its role in water treatment processes is notable, as it aids in the removal of heavy metals and other contaminants through complexation. In research, it is utilized for studying phosphine-based ligands and their interactions in coordination chemistry.