Widely used as a homogeneous catalyst in organic synthesis, particularly in cross-coupling reactions such as Suzuki, Heck, and Negishi couplings. It facilitates carbon-carbon bond formation under mild conditions, making it valuable in pharmaceutical and fine chemical industries. The 1,5-cyclooctadiene ligand stabilizes the palladium center while allowing easy ligand displacement, enabling efficient catalytic activity. Commonly employed in air-sensitive reactions due to its sensitivity to moisture and oxygen, requiring inert handling techniques. Also used as a precursor for synthesizing other palladium-based catalysts with tailored ligands for specific transformations.