This chemical is primarily utilized in asymmetric synthesis and catalysis due to its chiral binaphthol structure. It serves as a key ligand in enantioselective reactions, particularly in the formation of chiral centers in organic molecules. Its application is prominent in the pharmaceutical industry for the synthesis of enantiomerically pure drugs, where precise stereochemistry is crucial for efficacy and safety. Additionally, it is employed in the development of advanced materials, such as chiral polymers and liquid crystals, which are used in optical devices and displays. The compound’s ability to induce high enantioselectivity makes it valuable in academic research for exploring novel catalytic processes and reaction mechanisms.