Used primarily as a chiral catalyst in asymmetric synthesis, this compound plays a crucial role in the production of enantiomerically pure pharmaceuticals. It is particularly effective in facilitating enantioselective hydrogenation and carbon-carbon bond-forming reactions, which are essential for creating active pharmaceutical ingredients with high optical purity. Additionally, it finds application in the synthesis of fine chemicals and agrochemicals, where its ability to induce chirality enhances the efficacy and specificity of the final products. Its use in organic synthesis helps reduce the need for extensive purification steps, thereby improving overall process efficiency.