Used primarily as a ligand in transition metal catalysis, it facilitates various organic transformations, including cross-coupling reactions, hydrogenation, and hydroformylation. Its ability to stabilize metal complexes enhances reaction efficiency and selectivity. Commonly applied in the synthesis of pharmaceuticals and fine chemicals, it plays a critical role in asymmetric synthesis, enabling the production of enantiomerically pure compounds. Additionally, it is utilized in the development of advanced materials, such as polymers and coordination networks, due to its robust binding properties.