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 substrates, producing enantiomerically pure products. This is especially valuable in the pharmaceutical industry for the production of active pharmaceutical ingredients (APIs) with high stereochemical purity. Additionally, it is employed in the fine chemicals sector for the synthesis of specialty chemicals that require precise chiral control. Its robust catalytic activity and selectivity make it a preferred choice for complex organic transformations.