This chemical is primarily used as a catalyst in organic synthesis, particularly in hydrogenation and hydroformylation reactions. It facilitates the addition of hydrogen or formyl groups 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 due to its ability to stabilize reactive intermediates and promote selective transformations. Its role in catalytic processes enhances efficiency and reduces the need for harsh reaction conditions, contributing to more sustainable chemical manufacturing practices.