This chemical is primarily used in the field of catalysis, particularly in organic synthesis reactions. It serves as a catalyst in processes such as hydrogenation, where it facilitates the addition of hydrogen to unsaturated compounds. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where its catalytic properties help in forming complex molecular structures efficiently. Its stability and reactivity make it suitable for use in specialized chemical transformations, contributing to advancements in material science and industrial chemistry.