This compound is primarily utilized as a chiral ligand in asymmetric catalysis, particularly in transition metal-catalyzed reactions. Its unique structure, featuring phospholane rings, allows for effective control over stereochemistry, making it valuable in the synthesis of enantiomerically pure compounds. It is often employed in hydrogenation reactions, where it enhances the selectivity and efficiency of the process, leading to high yields of desired chiral products. Additionally, it finds application in the pharmaceutical industry for the production of optically active intermediates and active pharmaceutical ingredients (APIs). Its ability to induce chirality in complex molecules makes it a crucial tool in the development of drugs and fine chemicals.