This chemical is primarily used as a catalyst in asymmetric hydrogenation reactions, which are crucial in the synthesis of chiral molecules. It is particularly effective in the production of enantiomerically pure compounds, which are important in the pharmaceutical industry for creating drugs with specific biological activities. The catalyst's high selectivity and efficiency make it valuable in the synthesis of complex organic molecules, including fine chemicals and intermediates. Additionally, it is employed in academic and industrial research for developing new synthetic methodologies and optimizing existing processes. Its application extends to the production of agrochemicals and other specialty chemicals where precise stereochemistry is required.