This chemical is primarily utilized as a chiral ligand in asymmetric catalysis, particularly in transition metal-catalyzed reactions. Its unique structure, derived from binaphthalene and phosphine groups, makes it highly effective in inducing enantioselectivity. It is commonly employed in asymmetric hydrogenation, carbon-carbon bond formation, and other stereoselective transformations. The ligand's ability to coordinate with metals like rhodium, palladium, or iridium enhances the efficiency and selectivity of catalytic processes, making it valuable in the synthesis of pharmaceuticals, fine chemicals, and agrochemicals. Its application is critical in producing enantiomerically pure compounds, which are essential in drug development and other industries requiring high stereochemical control.