This chemical is primarily used in the synthesis of chiral compounds, particularly in the field of asymmetric synthesis. It serves as a key reagent for introducing the naphthyl group into molecules, which is valuable in the development of pharmaceuticals and agrochemicals. Its chiral nature makes it useful for creating enantiomerically pure substances, which are critical in drug development to ensure efficacy and reduce side effects. Additionally, it is employed in the preparation of liquid crystals and advanced materials, where precise molecular structure is essential for desired properties.