Used as a catalyst in organic synthesis, particularly in hydroformylation reactions where it helps convert alkenes into aldehydes. It is also employed in carbonylation processes, facilitating the addition of carbon monoxide to organic molecules. This compound is valuable in asymmetric hydrogenation, aiding in the production of chiral compounds. Additionally, it plays a role in the synthesis of fine chemicals and pharmaceuticals due to its ability to promote selective transformations. Its application extends to polymer chemistry, where it assists in the creation of specialized polymers with unique properties.