This chemical is primarily used as a chiral catalyst in asymmetric hydrogenation reactions, which are crucial in the production of enantiomerically pure compounds. It is particularly effective in the synthesis of chiral pharmaceuticals, agrochemicals, and fine chemicals, where high enantioselectivity is required. The catalyst is also employed in the hydrogenation of olefins, ketones, and imines, enabling the production of optically active intermediates. Its application extends to academic research for developing new methodologies in asymmetric synthesis. The compound's stability and efficiency make it a valuable tool in organic synthesis and industrial processes.