Used primarily in the production of platinum-based catalysts for industrial chemical processes, including catalytic converters in automotive exhaust systems. It serves as a precursor in the synthesis of fine platinum powders used in electronics, fuel cells, and sensors. Also employed in research laboratories for the preparation of other platinum compounds and in electroplating applications where a controlled deposition of platinum is required. Its role in analytical chemistry includes use as a reagent for detecting and quantifying certain metal ions.