Used as a highly efficient Lewis acid catalyst in organic synthesis, particularly in Friedel-Crafts acylations, glycosylations, and Diels-Alder reactions. Exhibits strong catalytic activity with high selectivity and can be effective under mild reaction conditions. Stable in water, allowing its use in aqueous or moist environments where traditional Lewis acids fail. Employed in the synthesis of pharmaceuticals and fine chemicals due to its reusability and low toxicity compared to other metal catalysts. Also utilized in luminescent materials research because of its favorable optical properties when incorporated into certain complexes.