This chemical is primarily used in the field of catalysis, particularly in organic synthesis. It serves as a highly efficient catalyst for various reactions, including hydrogenation, hydroformylation, and carbon-carbon bond formation. Its stability and reactivity make it suitable for use in both academic research and industrial applications. Additionally, it is employed in the development of new catalytic processes, contributing to advancements in the production of fine chemicals and pharmaceuticals. The compound's unique structure allows for precise control over reaction outcomes, enhancing selectivity and yield in complex transformations.