This chemical is primarily used as a chiral catalyst in asymmetric hydrogenation reactions, which are critical in the synthesis of enantiomerically pure compounds. Its application is particularly significant in the pharmaceutical industry, where it facilitates the production of chiral drugs with high enantioselectivity. The compound is also employed in the fine chemical industry for the synthesis of complex organic molecules, enabling the creation of specific stereoisomers that are essential for the desired biological activity or material properties. Additionally, it finds use in academic research for developing new catalytic processes and studying reaction mechanisms in asymmetric synthesis.