This chemical is primarily utilized in asymmetric catalysis, particularly in hydrogenation reactions. It is highly effective in producing enantiomerically pure compounds, which are crucial in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs). The compound's ability to facilitate selective hydrogenation of ketones, imines, and olefins makes it valuable in the production of chiral intermediates. Additionally, it is employed in fine chemical synthesis, where high enantioselectivity and yield are essential. Its application extends to the development of agrochemicals and specialty chemicals, where precise stereochemistry is required for optimal activity and performance.