This compound is primarily utilized in advanced material science, particularly in the development of high-performance polymers and resins. Its unique structure allows it to act as a key intermediate in the synthesis of specialized phosphorous-containing polymers, which are valued for their thermal stability and flame-retardant properties. These polymers are often employed in industries requiring materials with enhanced safety features, such as electronics, aerospace, and automotive manufacturing. Additionally, the compound's chiral nature makes it a candidate for use in asymmetric catalysis, where it can facilitate the production of enantiomerically pure substances in pharmaceutical and fine chemical synthesis. Its application in these fields underscores its importance in creating innovative materials and chemical processes.