Used primarily in the synthesis of iridium-based catalysts for industrial and research applications. It serves as a precursor in the preparation of homogeneous catalysts for hydrogenation and oxidation reactions. Also employed in materials science for depositing iridium-containing thin films via chemical vapor deposition or solution-based methods. Its reactivity makes it valuable in developing luminescent iridium complexes used in organic light-emitting diodes (OLEDs) and electrochemical sensors. Additionally, it finds use in electrocatalysis, particularly in systems exploring efficient water splitting and fuel cell technologies.