Used as a ligand in various catalytic processes, particularly in transition metal catalysis. It plays a significant role in cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are essential in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. The compound's ability to stabilize metal centers enhances the efficiency and selectivity of these reactions. Additionally, it is employed in the development of new materials, including polymers and coordination complexes, due to its strong binding affinity and structural versatility. Its application in asymmetric catalysis is also notable, contributing to the production of chiral molecules with high enantiomeric purity.