This chemical is primarily utilized as a chiral catalyst in asymmetric hydrogenation reactions, a key process in the synthesis of enantiomerically pure compounds. It is particularly effective in the hydrogenation of prochiral olefins, enabling the production of chiral molecules with high enantioselectivity. This makes it valuable in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) and intermediates, where the specific chirality of a molecule is crucial for its biological activity. Additionally, it finds applications in fine chemical synthesis, contributing to the production of specialty chemicals with precise stereochemistry. Its robust performance and selectivity make it a preferred choice in catalytic processes requiring high efficiency and control over stereochemical outcomes.