This compound is primarily utilized as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where high enantioselectivity is required. It is often employed in metal-catalyzed transformations, such as hydrogenation, carbon-carbon bond formation, and oxidation reactions, to produce enantiomerically pure compounds. Its rigid binaphthyl structure and bulky substituents enhance its ability to induce chirality in the reaction products, making it valuable in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it is used in the development of chiral catalysts and materials for advanced applications in organic chemistry and materials science.