This chemical is primarily used in catalysis, particularly in organic synthesis and industrial processes. It serves as a precursor or catalyst in hydrogenation and transfer hydrogenation reactions, which are essential for reducing unsaturated compounds to saturated ones. Its application is also notable in asymmetric synthesis, where it helps produce chiral molecules with high enantioselectivity, important in pharmaceuticals and fine chemicals. Additionally, it is employed in C-H activation reactions, enabling the functionalization of hydrocarbons for the production of complex organic molecules. Its stability and reactivity make it a valuable tool in advanced chemical research and development.