Used as a catalyst in polymerization reactions, particularly in the production of biodegradable polyesters. It promotes ring-opening polymerization of lactones and other cyclic esters, enabling controlled synthesis of polymers with specific molecular weights. Also employed as a drying agent in coatings and inks due to its ability to accelerate the oxidation and crosslinking of alkyd resins. Its low toxicity and good solubility in organic media make it suitable for applications in adhesives, sealants, and industrial coatings where environmental and performance standards are critical.