Widely used as a ligand in coordination chemistry, it plays a crucial role in stabilizing transition metal complexes, particularly in catalytic processes. Its application is prominent in homogeneous catalysis, where it facilitates various organic transformations, including hydrogenation, carbonylation, and cross-coupling reactions. The compound's ability to form stable complexes with metals like palladium, platinum, and rhodium makes it valuable in synthesizing fine chemicals and pharmaceuticals. Additionally, it is employed in the development of advanced materials, such as metal-organic frameworks (MOFs), due to its structural flexibility and strong metal-binding properties. Its use in asymmetric catalysis also aids in producing chiral compounds with high enantioselectivity.