This chemical is primarily utilized in the field of organic synthesis, particularly as a ligand in catalytic processes. It plays a significant role in facilitating various transition metal-catalyzed reactions, including cross-coupling reactions, which are essential for constructing complex organic molecules. Its unique structure allows it to effectively stabilize metal centers, enhancing the efficiency and selectivity of the catalytic systems. Additionally, it is explored in the development of advanced materials, such as phosphorescent compounds, due to its ability to influence electronic properties. Its application in asymmetric synthesis is also noteworthy, contributing to the production of chiral molecules with high enantiomeric purity, which are crucial in pharmaceuticals and fine chemicals.