This compound is primarily utilized in asymmetric catalysis, particularly in hydrogenation reactions. It is effective in producing enantiomerically pure compounds, which are crucial in the pharmaceutical industry for the synthesis of chiral drugs. The compound's ability to induce high enantioselectivity makes it valuable in the production of active pharmaceutical ingredients (APIs) with specific stereochemical requirements. Additionally, it is employed in organic synthesis for the development of complex molecules, where precise control over stereochemistry is essential. Its application extends to fine chemical manufacturing, where it aids in the efficient and selective transformation of substrates into desired products.