This chemical is primarily utilized as a ligand in coordination chemistry and catalysis. It forms stable complexes with transition metals, making it valuable in homogeneous catalysis processes. It is particularly effective in reactions such as hydrogenation, hydroformylation, and carbonylation, where it enhances the activity and selectivity of the metal catalysts. Additionally, its structure allows it to act as a bridging ligand, facilitating the formation of multinuclear metal complexes. These complexes are often studied for their potential applications in materials science and as catalysts in organic synthesis. Its ability to stabilize metal centers also makes it useful in the development of new catalytic systems for industrial and academic research.