This chemical is widely used as a catalyst in organic synthesis, particularly in hydrogenation and hydrosilylation reactions. It facilitates the addition of hydrogen or silicon-containing groups to unsaturated organic compounds, making it valuable in the production of fine chemicals and pharmaceuticals. Its effectiveness in asymmetric synthesis also makes it a key component in creating chiral molecules, which are essential in drug development. Additionally, it is employed in the polymerization of certain monomers, contributing to the production of specialized polymers with tailored properties.