This chemical is primarily utilized as a ligand in various catalytic processes, particularly in transition metal-catalyzed reactions. It plays a significant role in facilitating cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are essential in the synthesis of complex organic molecules. Its steric and electronic properties make it highly effective in stabilizing metal centers, enhancing reaction efficiency and selectivity. Additionally, it is employed in the development of pharmaceuticals, agrochemicals, and advanced materials, where precise control over molecular structure is crucial. Its application extends to asymmetric catalysis, enabling the production of enantiomerically pure compounds, which are vital in drug development and fine chemical synthesis.