This chemical is primarily used as a catalyst in various organic synthesis reactions. It is particularly effective in hydrogenation and hydrosilylation processes, where it facilitates the addition of hydrogen or silicon compounds to unsaturated organic molecules. Additionally, it is employed in the production of fine chemicals and pharmaceuticals, aiding in the creation of complex molecular structures. Its stability and reactivity make it a valuable component in research and industrial applications, especially in the development of new materials and chemical processes.