This chemical is primarily used in catalysis, particularly in organic synthesis. It acts as a catalyst in hydrogenation and isomerization reactions, where it facilitates the addition of hydrogen to unsaturated compounds or the rearrangement of molecular structures. Its application is significant in the production of fine chemicals and pharmaceuticals, where precise control over reaction pathways is crucial. Additionally, it is employed in the synthesis of complex organic molecules, aiding in the formation of carbon-carbon and carbon-heteroatom bonds. Its stability and reactivity make it a valuable tool in research and industrial processes requiring efficient and selective catalytic systems.