This chemical is primarily utilized as a ligand in coordination chemistry, where it plays a crucial role in stabilizing metal complexes. Its bulky diisopropylphenyl groups provide steric protection, making it particularly effective in catalytic processes, such as polymerization reactions. It is also employed in the development of highly selective catalysts for organic transformations, including hydrogenation and cross-coupling reactions. Additionally, its unique structure contributes to its use in the synthesis of novel materials with potential applications in advanced industrial and pharmaceutical research.