This compound is primarily utilized in asymmetric catalysis, particularly in enantioselective hydrogenation reactions. It is effective in synthesizing chiral molecules, which are crucial in the production of pharmaceuticals, agrochemicals, and fine chemicals. The iridium complex, combined with the chiral ligand, ensures high selectivity and efficiency in creating specific enantiomers. Its application is significant in industries where the production of optically pure compounds is essential, such as in the development of active pharmaceutical ingredients (APIs) and other bioactive molecules. The use of this catalyst can lead to improved yields and reduced waste, aligning with sustainable chemistry practices.