This chemical is primarily used as a ligand in various catalytic processes, particularly in transition metal catalysis. It plays a significant role in facilitating reactions such as cross-coupling, hydrogenation, and hydroformylation, which are crucial in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Its unique structure allows it to stabilize metal complexes, enhancing their reactivity and selectivity. Additionally, it is employed in organic synthesis to create complex molecules with high precision, making it valuable in research and industrial applications.