This chemical is primarily utilized as a catalyst in olefin metathesis reactions, which are crucial in the synthesis of complex organic molecules. Its application is particularly significant in the pharmaceutical industry, where it aids in the efficient production of drug intermediates and active pharmaceutical ingredients (APIs). Additionally, it is employed in polymer chemistry to facilitate the creation of specialized polymers with unique properties, such as enhanced durability or specific functionalities. The chemical's stability and reactivity make it a valuable tool in organic synthesis, enabling the development of novel compounds with potential applications in materials science and industrial chemistry.