This chemical is primarily used as a catalyst in organic synthesis, particularly in hydrogenation and hydroformylation reactions. It facilitates the addition of hydrogen to unsaturated compounds, making it valuable in the production of fine chemicals and pharmaceuticals. Additionally, it is employed in the synthesis of complex organic molecules, including natural products and polymers, due to its ability to activate specific chemical bonds. Its application extends to asymmetric synthesis, where it helps in creating chiral compounds with high enantioselectivity, which is crucial in drug development.