This compound is primarily utilized in catalysis, particularly in organic synthesis reactions. It serves as an effective catalyst for cross-coupling reactions, such as the Suzuki-Miyaura and Heck reactions, which are essential for forming carbon-carbon bonds in the production of pharmaceuticals, agrochemicals, and advanced materials. Its stability and selectivity make it suitable for asymmetric synthesis, enabling the creation of chiral molecules with high enantiomeric purity. Additionally, it is employed in polymerization processes, contributing to the development of specialized polymers with tailored properties. Its phosphine ligands enhance its catalytic activity and control reaction pathways, making it a valuable tool in synthetic chemistry.