This chemical is primarily utilized in catalysis, particularly in organic synthesis reactions. It serves as a catalyst in cross-coupling reactions, enabling the formation of carbon-carbon bonds, which are essential in constructing complex organic molecules. Its application is significant in pharmaceutical research and development, where it aids in the synthesis of active pharmaceutical ingredients (APIs). Additionally, it is employed in material science for the preparation of advanced materials with specific properties. The compound’s unique structure allows it to facilitate reactions under mild conditions, enhancing efficiency and selectivity in various chemical processes.