Used as a catalyst in organic synthesis, particularly in carbon–carbon bond-forming reactions. It promotes reactions such as aldol, Diels–Alder, and Friedel–Crafts acylations under mild conditions. Also employed in the preparation of other ytterbium-based compounds for research in materials science and luminescent materials. Due to its Lewis acidity, it is effective in activating carbonyl groups in various transformations. Additionally, it finds use in studies involving lanthanide chemistry and coordination complexes.