This chemical is widely used as a ligand in transition metal catalysis, particularly in cross-coupling reactions such as Suzuki-Miyaura and Heck reactions. Its ability to coordinate with metals like palladium and nickel enhances catalytic efficiency and selectivity in organic synthesis. It is also employed in the development of phosphine-based materials for optoelectronics due to its unique electronic properties. Additionally, it serves as a key intermediate in the preparation of more complex phosphine ligands for asymmetric catalysis, making it valuable in pharmaceutical and fine chemical industries.