This chemical is primarily used in catalysis, particularly in organic synthesis and polymerization reactions. It serves as a catalyst in hydrogenation and hydrosilylation processes, enabling the efficient conversion of unsaturated compounds into saturated ones. Additionally, it is employed in the synthesis of complex organic molecules, including pharmaceuticals and fine chemicals, due to its ability to facilitate selective and controlled reactions. Its unique structure and properties make it valuable in research and industrial applications where precise catalytic activity is required.