Used as a catalyst in the oxidation of hydrocarbons, particularly in the production of terephthalic acid from p-xylene. Acts as a drying agent in paints, varnishes, and inks by accelerating the absorption of oxygen from air, promoting faster film formation. Employed in the textile industry for dyeing processes as a mordant to improve color fastness. Utilized in the manufacture of cobalt-based pigments and in electroplating baths to enhance coating properties. Also serves as a precursor for synthesizing other cobalt compounds in industrial chemistry.