This chemical is primarily used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and transfer hydrogenation processes. It is highly effective in reducing ketones, aldehydes, and imines to their corresponding alcohols and amines, making it valuable in the production of pharmaceuticals and fine chemicals. Its robust structure and stability under reaction conditions allow for efficient and selective transformations. Additionally, it is employed in asymmetric synthesis, where it aids in creating chiral molecules, which are crucial in the development of active pharmaceutical ingredients (APIs). Its application extends to the synthesis of complex organic compounds, where it provides high yields and excellent enantioselectivity.