This chemical is primarily used as a catalyst in asymmetric hydrogenation reactions, which are crucial in the synthesis of chiral compounds. These compounds are often intermediates in the production of pharmaceuticals, agrochemicals, and fine chemicals. Its high selectivity and efficiency make it valuable for creating enantiomerically pure substances, which are essential for the desired biological activity in many drugs. Additionally, it is employed in organic synthesis to achieve complex molecular structures with high precision. Its application extends to academic research, where it is used to develop new methodologies in catalytic processes.