This chemical is primarily utilized in the field of asymmetric synthesis and catalysis. It serves as a crucial chiral ligand in various enantioselective reactions, including hydrogenation, epoxidation, and Diels-Alder reactions. Its unique binaphthyl structure allows it to induce high stereoselectivity, making it valuable in the production of optically active compounds. Additionally, it is employed in the development of chiral sensors and molecular recognition systems, where its ability to form stable complexes with specific substrates is exploited. In material science, it is used to synthesize chiral polymers and frameworks, which have applications in advanced optical devices and separation technologies. Its versatility in creating chiral environments makes it a significant tool in both academic research and industrial processes.