This chemical is widely used in asymmetric catalysis, particularly in the synthesis of chiral molecules. It is highly effective in hydrogenation reactions, where it helps produce enantiomerically pure compounds, which are crucial in the pharmaceutical industry for developing drugs with specific biological activities. Additionally, it is employed in the fine chemical industry for the production of specialty chemicals, where precise control over stereochemistry is essential. Its application extends to academic research, where it serves as a valuable tool for studying and developing new catalytic processes.