This chemical is primarily used in asymmetric catalysis, particularly in the synthesis of chiral molecules. It is highly effective in hydrogenation reactions, where it facilitates the addition of hydrogen to unsaturated compounds, producing enantiomerically pure products. This is crucial in the pharmaceutical industry for the production of active pharmaceutical ingredients (APIs) with high stereochemical purity. Additionally, it is employed in the fine chemicals sector for the synthesis of complex organic compounds, where precise control over stereochemistry is required. Its application extends to academic research, where it is used to develop and study new catalytic processes and mechanisms. The compound's ability to induce high enantioselectivity makes it a valuable tool in the development of new drugs, agrochemicals, and specialty chemicals.