This compound is primarily utilized in the field of organometallic chemistry, where it serves as a catalyst in various organic synthesis reactions. Its unique structure allows it to facilitate the formation of complex organic molecules, particularly in asymmetric synthesis, where it helps in creating chiral centers with high enantioselectivity. Additionally, it is employed in the development of novel polymers and materials, contributing to advancements in material science. Its role in catalytic processes is also significant in pharmaceutical research, aiding in the efficient production of active pharmaceutical ingredients (APIs) with precise stereochemistry.