Widely used as a ligand in coordination chemistry, it facilitates the formation of stable complexes with transition metals, particularly in catalytic processes. Its application is prominent in homogeneous catalysis, such as hydrogenation, hydroformylation, and carbonylation reactions, where it enhances selectivity and efficiency. Additionally, it plays a role in asymmetric synthesis, aiding in the production of chiral compounds for pharmaceuticals and fine chemicals. Its robust structure and ability to stabilize metal centers make it valuable in research and industrial applications.