Used primarily as a catalyst in various organic synthesis processes, particularly in hydrogenation and hydrosilylation reactions. It is effective in facilitating the addition of hydrogen or silicon-based compounds to unsaturated organic molecules, making it valuable in the production of fine chemicals and polymers. Additionally, it is employed in the manufacture of specialty coatings and materials where precise catalytic activity is required. Its stability and efficiency make it a preferred choice in industrial applications requiring high-performance catalysts.