This chemical is primarily used as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where high enantioselectivity is required. It is often employed in the formation of chiral catalysts for organic transformations, such as asymmetric hydrogenation, carbon-carbon bond formation, and oxidation reactions. Its binaphthol structure provides a rigid framework that enhances stereochemical control, making it valuable in the production of pharmaceuticals and fine chemicals where specific enantiomers are desired. Additionally, it has been explored in materials science for the development of chiral polymers and liquid crystals, which have applications in displays and advanced optical devices.