This chemical is widely used as a catalyst in hydrogenation reactions, particularly for the reduction of esters, carboxylic acids, and other carbonyl-containing compounds to their corresponding alcohols. It is highly efficient in promoting these transformations under mild conditions, making it valuable in organic synthesis and industrial processes. Additionally, it is employed in asymmetric hydrogenation, enabling the production of chiral molecules with high enantioselectivity, which is crucial in pharmaceutical manufacturing. Its stability and reactivity also make it suitable for use in transfer hydrogenation reactions, where it facilitates the transfer of hydrogen from a donor molecule to a substrate.