This chemical is primarily used as a chiral catalyst in asymmetric hydrogenation reactions, a key process in the synthesis of enantiomerically pure compounds. Its application is particularly significant in the pharmaceutical industry, where it aids in producing active pharmaceutical ingredients (APIs) with high enantiomeric purity. The catalyst is also employed in the fine chemicals sector for the production of specialty chemicals, flavors, and fragrances. Its efficiency in inducing chirality makes it valuable for creating complex molecules with specific stereochemical configurations, which are often required in advanced material synthesis and agrochemical production.