This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and hydrosilylation processes. It facilitates the addition of hydrogen or silicon-containing groups to unsaturated compounds, such as alkenes and alkynes, 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 enhance reaction efficiency. Its role in asymmetric catalysis is also notable, enabling the production of enantiomerically pure compounds, which are crucial in the development of chiral drugs.