This compound is primarily utilized in asymmetric synthesis, particularly as a chiral ligand in catalytic reactions. It plays a significant role in facilitating enantioselective transformations, such as the production of chiral alcohols, amines, and other optically active compounds. Its application is crucial in the pharmaceutical industry for synthesizing enantiomerically pure drugs, ensuring higher efficacy and reduced side effects. Additionally, it is employed in academic research to develop and optimize new catalytic processes for organic synthesis.