This chemical is primarily utilized as a ligand in transition metal catalysis, particularly in processes involving palladium or rhodium complexes. Its unique steric and electronic properties make it highly effective in facilitating cross-coupling reactions, such as Suzuki-Miyaura, Heck, and Sonogashira reactions, which are crucial in the synthesis of pharmaceuticals, agrochemicals, and advanced materials. Additionally, it is employed in asymmetric hydrogenation reactions, where it helps achieve high enantioselectivity in the production of chiral compounds. Its stability and reactivity under various conditions make it a valuable tool in organic synthesis and industrial applications.