Used primarily as a reducing agent in organic synthesis, it is particularly effective in the selective reduction of carbonyl compounds, such as ketones and aldehydes, to their corresponding alcohols. It is also employed in the reduction of esters and carboxylic acids, offering a high degree of control over the reaction process. Additionally, it serves as a catalyst or co-catalyst in various polymerization reactions, aiding in the formation of polymers with specific properties. Its stability and reactivity make it a valuable tool in the preparation of fine chemicals and pharmaceuticals, where precise reduction steps are often required.