This chemical is primarily utilized in asymmetric catalysis, particularly in the synthesis of chiral compounds. It is highly effective in hydrogenation reactions, where it facilitates the addition of hydrogen to unsaturated organic molecules, producing enantiomerically pure products. This is especially valuable in the pharmaceutical industry for manufacturing active pharmaceutical ingredients (APIs) with high stereoselectivity. Additionally, it is employed in fine chemical synthesis, enabling the production of complex molecules with precise chiral configurations, which are crucial for developing advanced materials and specialty chemicals. Its robust performance under mild reaction conditions makes it a preferred choice for achieving high yields and selectivity in various catalytic processes.