This chemical is primarily utilized as a chiral ligand in asymmetric catalysis, particularly in transition metal-catalyzed reactions. Its unique structure, featuring phospholane rings, makes it highly effective in inducing enantioselectivity, which is crucial for producing chiral molecules in pharmaceuticals and fine chemicals. It is often employed in hydrogenation reactions, where it helps generate optically active compounds with high precision. Additionally, its stability and ability to form robust complexes with metals like rhodium and iridium enhance its utility in industrial-scale synthesis of complex organic molecules. Its application extends to the production of active pharmaceutical ingredients (APIs) and other high-value chiral intermediates.