This chemical is primarily used as a chiral catalyst in asymmetric hydrogenation reactions, which are critical in the synthesis of optically active compounds. Its application is particularly significant in the pharmaceutical industry, where it facilitates the production of enantiomerically pure drugs. The compound's high selectivity and efficiency make it valuable for creating complex molecules with specific stereochemistry, essential for the biological activity of many medications. Additionally, it is employed in fine chemical synthesis, enabling the production of high-value intermediates used in agrochemicals, flavors, and fragrances. Its robust performance under mild reaction conditions further enhances its utility in industrial processes.