This chemical is primarily utilized as a catalyst in organic synthesis, particularly in reactions that require the generation of carbocations. It is effective in facilitating Friedel-Crafts alkylation and acylation reactions, where it helps in the formation of carbon-carbon bonds. Additionally, it is employed in polymerization processes, especially for the synthesis of high-performance polymers, due to its ability to stabilize reactive intermediates. Its use extends to the field of materials science, where it aids in the development of advanced materials with specific properties. The compound is also explored in the synthesis of ionic liquids, which are valuable in various industrial applications, including green chemistry and electrochemistry.