This chemical is primarily used in asymmetric catalysis, particularly in the synthesis of chiral molecules. It is highly effective in enantioselective hydrogenation reactions, which are crucial in producing pharmaceuticals and fine chemicals with high optical purity. The compound is also employed in the development of new catalytic processes for organic synthesis, enabling the creation of complex molecular structures with precise stereochemistry. Additionally, it finds application in academic research for studying mechanistic pathways in catalytic cycles, contributing to advancements in organometallic chemistry.