This chemical is widely used as a ligand in transition metal-catalyzed reactions, particularly in cross-coupling processes such as Suzuki-Miyaura and Buchwald-Hartwig reactions. Its sulfonated group enhances water solubility, making it suitable for aqueous-phase catalysis, which is advantageous for environmentally friendly and sustainable chemical processes. It is also employed in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals due to its ability to stabilize metal complexes and improve reaction efficiency. Additionally, its robust structure and electron-rich nature make it effective in asymmetric catalysis, enabling the production of chiral compounds with high enantioselectivity.