This compound is primarily utilized in the field of organic synthesis as a chiral catalyst. It is particularly effective in asymmetric hydrogenation reactions, where it helps in the production of enantiomerically pure compounds. These reactions are crucial in the pharmaceutical industry for synthesizing active pharmaceutical ingredients (APIs) with high enantiomeric purity, which is essential for the efficacy and safety of drugs. Additionally, it finds application in the development of fine chemicals and agrochemicals, where precise stereochemistry is required to achieve desired biological activity. Its stability and efficiency make it a valuable tool in advanced synthetic methodologies.