This chemical is primarily used as a catalyst in asymmetric synthesis, particularly in enantioselective hydrogenation reactions. It is highly effective in producing chiral molecules, which are crucial in the pharmaceutical industry for the development of drugs with specific stereochemistry. The compound's unique structure allows it to facilitate the formation of carbon-carbon and carbon-heteroatom bonds with high selectivity and efficiency. Additionally, it is employed in organic synthesis to create complex organic compounds with precise control over stereochemistry, making it valuable in the production of fine chemicals and active pharmaceutical ingredients (APIs). Its application extends to academic research, where it is used to explore new catalytic processes and develop innovative synthetic methodologies.