This compound is primarily used as a highly efficient chiral catalyst in asymmetric hydrogenation reactions, particularly in the synthesis of pharmaceuticals and fine chemicals. Its application is crucial in producing enantiomerically pure compounds, which are essential for drugs and bioactive molecules. The compound's unique structure allows for exceptional control over stereochemistry, enabling the selective formation of specific enantiomers. This makes it valuable in industries where precision and purity are critical, such as in the development of active pharmaceutical ingredients (APIs) and agrochemicals. Additionally, its stability and reactivity under mild conditions make it a preferred choice for complex organic transformations in research and industrial settings.