This chemical is primarily used as a ligand in organometallic chemistry, particularly in catalysis. It is known for its ability to stabilize metal complexes, enhancing their reactivity and selectivity in various chemical reactions. One of its key applications is in the field of homogeneous catalysis, where it facilitates processes such as hydrogenation, hydroformylation, and carbonylation. Its unique structure allows it to effectively coordinate with transition metals, making it valuable in the synthesis of fine chemicals and pharmaceuticals. Additionally, it is employed in the development of advanced materials, including polymers and coatings, where it contributes to improved performance and durability. Its role in catalytic systems also extends to environmental applications, such as the degradation of pollutants and the production of cleaner fuels.