Despite operational challenges associated with its handling, the compound has received considerable attention for its ability to function as a catalyst in hydroformylation.

In this respect, HCo(CO)4 and related derivatives have received significant academic interest for their ability to mediate a variety of carbonylation (introduction of CO into inorganic compounds) reactions.

HCo(CO)4 adopts trigonal bipyramidal structure, with the hydride ligand occupying one of the axial positions, giving an overall symmetry of C3v.

[8][10] The thermodynamic parameters for the equilibrium reaction were determined by infrared spectroscopy to be ΔH = 4.054 kcal mol−1, ΔS = −3.067 cal mol−1 K−1.

[12] Although the use of cobalt-based hydroformylation has since been largely superseded by rhodium-based catalysts, the world output of C3–C18 aldehydes produced by tetracarbonylhydrocobalt catalysis is about 100,000 tons per year, roughly 2% of the total.