This chemical is primarily utilized in the field of asymmetric synthesis, particularly as a chiral catalyst or ligand in organic reactions. Its unique structure allows it to effectively induce enantioselectivity, making it valuable in the production of pharmaceuticals and fine chemicals where specific stereochemistry is crucial. It is often employed in asymmetric hydrogenation, carbon-carbon bond formation, and other catalytic processes to achieve high enantiomeric purity in the final products. Additionally, its stability and reactivity under various conditions make it a preferred choice in research and industrial applications aimed at developing optically active compounds.