Used as a key intermediate in organic synthesis, particularly in the preparation of chiral ligands and catalysts for asymmetric reactions. Its rigid binaphthyl backbone provides structural stability and stereocontrol, making it valuable in the development of enantioselective catalytic systems. Commonly employed in cross-coupling reactions to construct complex biaryl structures found in pharmaceuticals and advanced materials. Also serves as a building block in the synthesis of functional organic materials, including liquid crystals and molecular sensors.