This chemical is primarily used as a catalyst in various organic synthesis reactions. It is particularly effective in hydrogenation processes, where it facilitates the addition of hydrogen to unsaturated compounds, converting them into saturated forms. Additionally, it plays a role in hydroformylation reactions, aiding in the conversion of alkenes into aldehydes, which are valuable intermediates in the production of alcohols, acids, and other derivatives. Its application extends to asymmetric synthesis, where it helps in creating chiral molecules, essential in the pharmaceutical industry for producing enantiomerically pure drugs. The compound's stability and efficiency make it a preferred choice in industrial and laboratory settings for these catalytic processes.