This compound is primarily utilized in the field of asymmetric synthesis, where it serves as a chiral catalyst or auxiliary. Its unique structure enables the induction of chirality in various organic reactions, making it valuable in the production of enantiomerically pure pharmaceuticals. It is particularly effective in asymmetric hydrogenation and alkylation reactions, which are critical in synthesizing complex molecules with high stereochemical control. Additionally, it finds application in the development of agrochemicals and fine chemicals, where precise stereochemistry is essential for activity and efficacy. Its stability and selectivity make it a preferred choice in industrial and academic research for optimizing synthetic routes.