Widely used as a ligand in coordination chemistry, it forms stable complexes with transition metals, enhancing catalytic activity in various organic reactions. Commonly employed in hydrogenation, hydroformylation, and cross-coupling reactions, it improves efficiency and selectivity. Its role in asymmetric synthesis is notable, particularly in producing chiral compounds for pharmaceuticals. Additionally, it serves as a stabilizing agent in metal-catalyzed polymerization processes, contributing to the production of high-performance polymers. Its versatility and effectiveness make it a valuable component in both industrial and academic research settings.