This chemical is widely used as a catalyst in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura and Heck reactions, where it facilitates the formation of carbon-carbon bonds. Its water-soluble nature makes it advantageous for reactions in aqueous environments, enhancing reaction efficiency and simplifying purification processes. It is also employed in the preparation of pharmaceuticals and fine chemicals, where its ability to stabilize transition metal complexes is highly valued. Additionally, it finds application in materials science for modifying surfaces and synthesizing functional polymers. Its sulfonic acid groups contribute to its solubility and reactivity, making it a versatile reagent in both academic and industrial research.