This chemical is primarily utilized in asymmetric catalysis, particularly in enantioselective hydrogenation reactions. It is highly effective in producing chiral compounds, which are crucial in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) with specific stereochemistry. The catalyst is also employed in organic synthesis to create complex molecules with high enantiomeric purity, making it valuable for the development of drugs, agrochemicals, and fine chemicals. Its application extends to academic research, where it is used to study and develop new catalytic processes for asymmetric transformations.