This chemical is primarily utilized as a catalyst in polymerization reactions, particularly in the synthesis of polyolefins. Its structure allows for efficient control over the polymerization process, enabling the production of polymers with specific molecular weights and tailored properties. It is also employed in asymmetric catalysis, facilitating the creation of chiral molecules with high enantioselectivity, which is crucial in the pharmaceutical industry for producing active pharmaceutical ingredients (APIs). Additionally, its stability and reactivity make it suitable for use in organic synthesis, where it aids in the formation of complex organic compounds.