Used primarily as a ligand in coordination chemistry, it facilitates the formation of complexes with transition metals, enhancing catalytic activity in various organic reactions. Its application extends to the synthesis of pharmaceuticals and fine chemicals, where it acts as a stabilizing agent in catalytic processes. Additionally, it is employed in material science for the development of advanced polymers and coatings, improving their thermal stability and mechanical properties. The compound's role in asymmetric synthesis is also notable, contributing to the production of enantiomerically pure substances crucial in drug development.