This chemical is primarily used as a catalyst in organic synthesis, particularly in polymerization reactions. It is effective in facilitating the formation of carbon-carbon bonds, making it valuable in the production of polymers and complex organic molecules. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where its ability to activate specific reactions under mild conditions is highly beneficial. Its use extends to the development of advanced materials, including high-performance plastics and resins, due to its efficiency in controlling polymerization processes.