Used as a ligand in organometallic chemistry, it facilitates the formation of transition metal complexes, which are crucial in catalytic processes. It is particularly valuable in cross-coupling reactions, such as the Sonogashira coupling, where it helps in the synthesis of alkynes. Additionally, it plays a role in the development of new materials, including polymers and advanced coatings, by enabling precise control over molecular structures. Its application extends to the pharmaceutical industry, where it aids in the creation of complex organic molecules for drug development.