This chemical is primarily utilized in the field of organic synthesis and materials science. It serves as a key intermediate in the preparation of complex organic molecules, particularly those involving phosphorous-containing compounds. Its unique structure makes it valuable in the development of chiral catalysts, which are essential for asymmetric synthesis in pharmaceutical manufacturing. Additionally, it finds application in the design of advanced materials, such as liquid crystals and polymers, where its rigid framework and functional groups contribute to desired optical and mechanical properties. The compound's stability and reactivity also make it suitable for research in supramolecular chemistry and coordination chemistry.