This chemical is primarily used as a chiral ligand in asymmetric catalysis, particularly in organic synthesis. It plays a significant role in facilitating enantioselective reactions, such as hydrogenation, carbon-carbon bond formation, and other transformations where high enantiomeric purity is required. Its binaphthyl structure provides a rigid framework that enhances stereochemical control, making it valuable in the production of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it is employed in the development of chiral materials and sensors, where its ability to induce chirality is exploited for advanced applications in material science and analytical chemistry.