This chemical is primarily used as a catalyst in asymmetric hydrogenation reactions, which are crucial in the synthesis of chiral molecules. These molecules are often intermediates in the production of pharmaceuticals, agrochemicals, and fine chemicals. The compound's high enantioselectivity makes it valuable for producing optically active compounds with high purity and yield. It is particularly effective in hydrogenating alkenes, ketones, and imines, enabling the creation of complex molecular structures with precise stereochemistry. Its application is significant in industries where the production of single enantiomer products is essential for efficacy and safety.