Used as a catalyst in organic synthesis, particularly in esterification and transesterification reactions. It promotes the formation of esters from carboxylic acids and alcohols under mild conditions.

Also employed in the synthesis of fine chemicals and pharmaceuticals due to its low toxicity compared to other metal catalysts.

Serves as a bismuth source in the preparation of bismuth-containing materials for electronics and ceramics.

Additionally, finds use in environmental applications, such as the removal of sulfur compounds from fuels.

Further utilized in the paint and coatings industry as a drier to accelerate the drying of paints and lacquers, enhancing film hardness and durability. It is preferred in lead-free paint systems as an efficient, environmentally friendly alternative to toxic substances like lead or cadmium salts.