This chemical is widely used as a catalyst in asymmetric hydrogenation reactions, which are crucial in the production of chiral compounds. It is particularly effective in synthesizing enantiomerically pure pharmaceuticals, agrochemicals, and fine chemicals. Its high selectivity and efficiency make it a valuable tool in organic synthesis, enabling the creation of complex molecules with precise stereochemistry. Additionally, it is employed in academic and industrial research to develop new methodologies for asymmetric catalysis, advancing the field of synthetic organic chemistry.