This chemical is primarily utilized in asymmetric catalysis, particularly in hydrogenation reactions. It is highly effective in the synthesis of chiral compounds, which are crucial in the production of pharmaceuticals and fine chemicals. The compound's ability to induce high enantioselectivity makes it valuable in creating active pharmaceutical ingredients (APIs) with specific stereochemistry. Additionally, it is employed in organic synthesis for the reduction of ketones and imines, contributing to the development of complex molecules with precise structural configurations. Its application extends to academic research, where it is used to explore new catalytic processes and improve existing methodologies.