This compound is primarily utilized in asymmetric catalysis, particularly in enantioselective hydrogenation reactions. It is highly effective in the synthesis of chiral molecules, which are crucial in the production of pharmaceuticals, agrochemicals, and fine chemicals. Its ability to induce high enantiomeric excess makes it valuable for creating compounds with specific stereochemistry, ensuring the desired biological activity or chemical properties. Additionally, it is employed in research and development settings to explore new synthetic routes and optimize catalytic processes for industrial applications.