This chemical is primarily utilized in asymmetric synthesis and catalysis due to its chiral binaphthyl structure. It serves as a key intermediate in the preparation of chiral ligands, which are essential in asymmetric hydrogenation and other enantioselective reactions. Its aldehyde functional group allows for further derivatization, enabling the creation of complex chiral molecules used in pharmaceuticals and fine chemicals. Additionally, it finds application in the development of chiral sensors and materials for optical resolution, contributing to advancements in stereochemistry and material science.