This chemical is primarily utilized in the synthesis of chiral compounds, particularly in the pharmaceutical industry where enantiomeric purity is crucial. It serves as a key intermediate in the production of various active pharmaceutical ingredients (APIs) that require specific stereochemistry to achieve desired therapeutic effects. Additionally, it is employed in organic synthesis for the development of fine chemicals and specialty materials, often acting as a building block for complex molecules. Its unique structure allows it to participate in stereoselective reactions, making it valuable in the creation of asymmetric catalysts and ligands used in advanced chemical processes.