This chemical is primarily used as a chiral catalyst in asymmetric synthesis, particularly in hydrogenation reactions. It is highly effective in producing enantiomerically pure compounds, which are crucial in the pharmaceutical industry for the development of drugs with specific stereochemistry. The catalyst is also employed in the synthesis of fine chemicals and agrochemicals, where precise control over molecular configuration is essential. Its application extends to organic synthesis, aiding in the creation of complex molecules with high enantioselectivity and yield.