This chemical is primarily utilized in advanced material science and organic synthesis due to its unique structural properties. It serves as a key intermediate in the development of chiral catalysts, which are essential in asymmetric synthesis to produce enantiomerically pure compounds. These compounds are highly valued in the pharmaceutical industry for the production of drugs with specific stereochemical requirements. Additionally, its phosphorous-containing structure makes it suitable for applications in flame retardant materials, where it enhances thermal stability and reduces flammability. The compound is also explored in the field of optoelectronics for its potential use in organic light-emitting diodes (OLEDs) and other electronic devices, owing to its ability to influence charge transport and luminescence properties.