Used primarily 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. Its role in hydroformylation helps convert alkenes into aldehydes, which are key intermediates in the manufacture of plastics, detergents, and fragrances. Additionally, it is employed in research for developing new catalytic processes due to its stability and efficiency in various reaction conditions.