This chemical is primarily used as a highly efficient catalyst in organic synthesis, particularly in cross-coupling reactions such as Suzuki-Miyaura, Heck, and Sonogashira reactions. Its robust structure and stability make it suitable for facilitating the formation of carbon-carbon and carbon-heteroatom bonds under mild conditions. It is also employed in the pharmaceutical industry for the synthesis of complex molecules and active pharmaceutical ingredients (APIs). Additionally, it finds application in materials science for the development of advanced polymers and functional materials. Its versatility and high catalytic activity make it a valuable tool in both academic research and industrial processes.