Used as a homogeneous catalyst in organic synthesis, particularly in carbonylation and hydrogenation reactions. It promotes the conversion of alkenes and carbon monoxide into carboxylic acid derivatives under mild conditions. Also applied in the synthesis of fine chemicals and pharmaceutical intermediates due to its high selectivity and efficiency in C–C bond formation. Soluble in polar organic solvents, making it suitable for liquid-phase catalytic processes. Shows stability under acidic conditions, which enhances its utility in acetic acid production and related industrial reactions.