This chemical is widely used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and hydroformylation processes. It facilitates the addition of hydrogen to unsaturated compounds, making it valuable in the production of fine chemicals and pharmaceuticals. Additionally, it plays a role in carbonylation reactions, where it helps introduce carbonyl groups into organic molecules. Its stability and efficiency in catalytic cycles make it a preferred choice in industrial and research applications for transforming complex organic substrates.