Used as a catalyst in organic synthesis, particularly in coupling reactions and the preparation of Grignard reagents from alkyl iodides. Employed in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients due to its role in facilitating carbon-carbon bond formation. Serves as a source of iodide ions in chemical reactions where controlled iodine release is required. Applied in research laboratories for studying magnesium-dependent reactions and ionic conductivity in solid-state chemistry, including potential applications in materials like semiconductors. Also utilized in some types of moisture indicators due to its hygroscopic properties and as a reagent in analytical chemistry for qualitative detection of certain compounds.