This chemical is widely used as a catalyst in asymmetric hydrogenation reactions, particularly in the synthesis of chiral molecules. It is highly effective in producing enantiomerically pure compounds, which are crucial in the pharmaceutical industry for developing drugs with specific biological activities. The catalyst is also employed in the production of fine chemicals and agrochemicals, where precise stereochemistry is essential. Its ability to facilitate selective transformations makes it valuable in academic research and industrial processes for creating complex organic molecules with high efficiency and selectivity.