This chemical is primarily utilized in the field of organic synthesis and catalysis. It serves as a versatile ligand in coordination chemistry, where it binds to metal centers to form stable complexes. These complexes are often employed in catalytic reactions, including cross-coupling reactions, which are essential for constructing complex organic molecules in pharmaceuticals and materials science. Additionally, its unique structure allows it to act as a stabilizing agent in polymerization processes, contributing to the production of specialized polymers with tailored properties. Its application in research and industrial settings highlights its importance in advancing synthetic methodologies and material development.