This chemical is primarily used as a ligand in coordination chemistry and catalysis. It plays a significant role in facilitating various transition metal-catalyzed reactions, particularly in cross-coupling reactions, hydrogenation, and hydroformylation processes. Its stability and ability to form strong bonds with metal centers make it valuable in synthesizing complex organic molecules, including pharmaceuticals and fine chemicals. Additionally, it is employed in research and development for designing new catalytic systems and studying reaction mechanisms.