This chemical is primarily utilized in the field of asymmetric synthesis and catalysis. It serves as a crucial building block for constructing chiral ligands, which are essential in asymmetric catalytic reactions. These reactions are widely employed in the pharmaceutical industry to produce enantiomerically pure compounds, which are often required for active pharmaceutical ingredients (APIs). Additionally, it is used in the development of chiral catalysts for organic transformations, enhancing the efficiency and selectivity of chemical processes. Its unique binaphthyl structure contributes to the creation of highly sterically hindered environments, which are beneficial in controlling the stereochemistry of reactions.