This chemical is primarily utilized in the field of organic synthesis, particularly in the development of advanced materials and pharmaceuticals. Its unique structure makes it a valuable intermediate in the creation of complex molecules, often employed in the synthesis of ligands for catalytic systems. These ligands can enhance the efficiency and selectivity of various chemical reactions, including asymmetric catalysis, which is crucial for producing chiral compounds in the pharmaceutical industry. Additionally, its incorporation into polymers and other materials can impart specific properties such as improved stability or tailored electronic characteristics, making it useful in the design of functional materials for electronics and optoelectronics.