This chemical is primarily used in catalysis, particularly in organic synthesis reactions. It serves as a catalyst in hydrogenation processes, where it facilitates the addition of hydrogen to unsaturated compounds, such as alkenes and alkynes, converting them into saturated hydrocarbons. Additionally, it is employed in the synthesis of complex organic molecules, including pharmaceuticals and fine chemicals, due to its ability to promote selective and efficient transformations. Its unique structure and reactivity make it valuable in research and industrial applications where precise control over reaction pathways is required.