Used as a precursor in the synthesis of ytterbium-containing materials for optical and electronic applications. Serves as a catalyst in organic reactions, particularly in coupling and cyclization processes. Employed in research for developing luminescent compounds and laser materials due to ytterbium's favorable spectroscopic properties. Also utilized in the preparation of other ytterbium salts and in studies involving coordination chemistry. Its hydrated form is preferred in aqueous-based reactions and lab-scale experiments where solubility in water is required.