Used as a catalyst in organic synthesis reactions, particularly in promoting carbon-carbon bond formation under mild conditions. Employed in research settings for luminescence studies due to its photophysical properties when coordinated with organic ligands. Serves as a precursor in the preparation of other neodymium-containing materials for use in specialty glasses and optical devices. Its strong Lewis acidity makes it useful in selective oxidation and polymerization processes. Handling requires caution due to the oxidizing nature of perchlorate salts.