Used primarily as a catalyst in organic synthesis, particularly in hydroformylation and carbonylation reactions. It facilitates the conversion of alkenes into aldehydes, a key step in producing alcohols and acids. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where precise control over molecular structure is crucial. Its role in asymmetric hydrogenation reactions is also notable, contributing to the production of chiral compounds. This chemical is valuable in research and industrial processes due to its efficiency and selectivity in catalyzing complex transformations.