This compound is primarily utilized in asymmetric synthesis, particularly as a chiral ligand in catalytic reactions. Its unique structure enables it to effectively coordinate with metal centers, making it valuable in enantioselective transformations such as hydrogenation, coupling, and addition reactions. The compound's ability to induce chirality in products is highly beneficial in the production of pharmaceuticals, where enantiomeric purity is critical. Additionally, it finds application in the synthesis of complex organic molecules, contributing to advancements in fine chemical and material science industries.