This compound is primarily used in the field of asymmetric synthesis and chiral resolution. It serves as a chiral auxiliary or resolving agent to separate enantiomers of racemic mixtures, which is crucial in the production of optically active compounds. Its application is significant in the pharmaceutical industry, where it aids in the synthesis of enantiomerically pure drugs, ensuring higher efficacy and reduced side effects. Additionally, it is utilized in research and development for studying stereochemistry and developing new chiral catalysts.