This chemical is widely used as a ligand in coordination chemistry and catalysis. It plays a crucial role in facilitating various transition metal-catalyzed reactions, such as cross-coupling reactions, hydrogenation, and hydroformylation. Its ability to stabilize metal complexes enhances the efficiency and selectivity of these processes. Additionally, it is employed in the synthesis of pharmaceuticals and fine chemicals, where precise control over reaction pathways is essential. Its unique structure allows it to act as a versatile and effective ligand in asymmetric synthesis, contributing to the production of chiral compounds.