Bis(cyclopentadienyl)cobalt is used to catalyze the preparation of pyridines from alkynes and nitriles. It acts as a polymerization inhibitor of olefins. It is a common one-electron reducing agent in the laboratory. It reacts with carbon monoxide to prepare cobalt(I) derivative, cyclopentadienylcobalt dicarbonyl. It also serves as an internal standard in cyclic voltametry. Further, it finds use in Diels-Alder reactions. In addition to this, it is used as a paint drier and as an oxygen stripping agent.

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