This chemical is primarily utilized in catalysis, particularly in organic synthesis processes. It serves as a highly effective catalyst in cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are essential for forming carbon-carbon bonds in complex molecules. Its unique structure enhances stability and selectivity, making it suitable for use in pharmaceutical and fine chemical industries. Additionally, it is employed in hydrogenation reactions, where it facilitates the addition of hydrogen to unsaturated compounds, aiding in the production of various industrial chemicals. Its application is valued for improving reaction efficiency and yield under mild conditions.