This chemical is widely used as a catalyst in asymmetric hydrogenation reactions, particularly in the synthesis of chiral compounds. It plays a crucial role in the pharmaceutical industry, where it helps produce enantiomerically pure drugs, ensuring higher efficacy and reduced side effects. Additionally, it is employed in the fine chemical industry for the production of specialty chemicals and intermediates with high stereoselectivity. Its application extends to academic research, where it serves as a model catalyst for studying asymmetric catalytic processes and developing new methodologies in organic synthesis.