Iridium(III) chloride is widely used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and oxidation processes. It plays a crucial role in the production of fine chemicals and pharmaceuticals, where it helps in achieving high selectivity and efficiency. Additionally, it is employed in the synthesis of iridium complexes, which are utilized in OLEDs (organic light-emitting diodes) for electronic displays due to their excellent luminescent properties. In research, it serves as a precursor for preparing other iridium compounds, contributing to advancements in materials science and coordination chemistry.