Used primarily in research and catalysis, this compound serves as a precursor for synthesizing rhodium-based catalysts. These catalysts are valuable in hydrogenation and hydroformylation reactions, which are important in producing fine chemicals and pharmaceuticals. The compound’s chloride ligands can be substituted to form active catalytic species. It is also studied in inorganic chemistry for its coordination properties and stability in aqueous solutions. Due to rhodium’s rarity and cost, applications are limited to specialized laboratory and industrial processes where high catalytic efficiency is required.