This chemical is primarily used as a catalyst in organic synthesis, particularly in hydrogenation and transfer hydrogenation reactions. It is highly effective in reducing unsaturated compounds, such as alkenes and ketones, to their corresponding saturated forms. Its application extends to asymmetric synthesis, where it helps in producing chiral molecules with high enantioselectivity, which is crucial in the pharmaceutical industry for creating drugs with specific desired effects. Additionally, it is employed in the development of advanced materials and in research focused on understanding catalytic mechanisms and improving reaction efficiencies.