Used as a ligand in transition metal catalysis, particularly in homogeneous catalytic reactions such as hydrogenation, hydroformylation, and coupling reactions. Its hydroxyl group allows for coordination to metals while also enabling hydrogen bonding or anchoring to supports, making it useful in designing supported catalysts or bifunctional systems. The compound is valued in the synthesis of phosphine-modified catalysts where tunable electronic and steric properties are required. It also serves as a building block for more complex phosphine ligands in pharmaceutical and fine chemical manufacturing.