This chemical is primarily utilized in the field of catalysis, particularly in organic synthesis reactions. It serves as an effective catalyst for various coupling reactions, including cross-coupling processes that are essential in the formation of carbon-carbon bonds. Its unique structure allows it to facilitate reactions under mild conditions, making it valuable in the synthesis of complex organic molecules. Additionally, it is employed in photochemical applications due to its ability to absorb and transfer light energy efficiently, which is useful in photocatalytic reactions and light-driven processes. Its stability and reactivity make it a versatile tool in both academic research and industrial applications.