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. Also employed in the synthesis of complex organic molecules, aiding in the formation of carbon-carbon and carbon-heteroatom bonds. Its effectiveness in asymmetric synthesis is notable, enabling the production of chiral compounds with high enantioselectivity. Commonly applied in research and industrial processes for its stability and efficiency under mild reaction conditions.