This compound is widely used as a chiral catalyst in asymmetric hydrogenation reactions, particularly in the synthesis of pharmaceuticals and fine chemicals. Its ability to induce high enantioselectivity makes it valuable for producing optically active compounds, such as chiral alcohols, amines, and carboxylic acids. It is also employed in the asymmetric reduction of ketones and imines, enabling the production of intermediates with high stereochemical purity. Additionally, its stability and efficiency under mild reaction conditions make it a preferred choice for industrial and academic research in organic synthesis.