This chemical is primarily utilized in the synthesis of chiral ligands and catalysts, which are essential in asymmetric organic synthesis. Its unique spirobiindene structure and hydroxyl groups make it a valuable building block for creating complex molecules with high enantioselectivity. It is often employed in the development of pharmaceuticals, where precise stereochemistry is crucial for the efficacy and safety of drugs. Additionally, it finds applications in material science, particularly in the design of chiral polymers and advanced materials with specific optical properties. Its role in facilitating stereocontrolled reactions makes it a key component in research and industrial processes aimed at producing enantiomerically pure compounds.