This chemical is primarily used as a ligand in coordination chemistry and catalysis. It forms stable complexes with transition metals, making it valuable in various catalytic processes, including cross-coupling reactions, hydrogenation, and carbonylation. Its ability to stabilize metal centers enhances the efficiency and selectivity of these reactions. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where precise control over reaction pathways is crucial. Its unique structure also makes it suitable for applications in materials science, particularly in the development of advanced polymers and luminescent materials.