Widely used as a ligand in coordination chemistry, it forms stable complexes with transition metals, enhancing catalytic activity in various organic reactions. It plays a crucial role in homogeneous catalysis, particularly in hydrogenation and hydroformylation processes. Its strong electron-donating properties make it valuable in synthesizing organometallic compounds. Additionally, it is utilized in the development of advanced materials and as a stabilizing agent in nanoparticle synthesis. Its applications extend to research in asymmetric catalysis, where it helps achieve high enantioselectivity in chiral molecule production.