Used primarily in specialized research settings, this compound serves as a catalyst in certain organic synthesis reactions, particularly those requiring strong oxidizing conditions. It is also employed in the preparation of other ytterbium-based materials for use in laser crystals and phosphors. Due to its high oxidizing power, it plays a role in energetic materials research, including propellants and pyrotechnic formulations. Additionally, it has been investigated in coordination chemistry for forming complexes with ligands in luminescent and magnetic studies. Handling requires extreme care due to the explosive potential of perchlorate salts when combined with organic substances.