This compound is primarily utilized in the field of organic synthesis as a ligand in catalytic reactions. It plays a crucial role in facilitating various transition metal-catalyzed processes, including cross-coupling reactions, which are essential for constructing complex organic molecules. Additionally, its unique structure allows it to act as a stabilizer or modifier in polymer chemistry, enhancing the properties of certain polymeric materials. In material science, it is explored for its potential in developing advanced materials with specific optical or electronic characteristics. Its application in medicinal chemistry is also being investigated for its ability to interact with biological targets, potentially leading to the development of new therapeutic agents.