This chemical is primarily used as a ligand in catalysis, particularly in transition metal-catalyzed reactions. It plays a significant role in facilitating cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are essential in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Its steric and electronic properties make it effective in stabilizing metal complexes and enhancing reaction selectivity. Additionally, it is employed in the development of advanced materials and polymers, where precise control over molecular structure is critical. Its application in asymmetric synthesis also contributes to the production of chiral compounds, which are vital in drug development and other high-value chemical processes.