This chemical is primarily utilized as a ligand in coordination chemistry, forming stable complexes with various transition metals. Its application is significant in catalysis, particularly in reactions like cross-coupling and hydrogenation, where it enhances efficiency and selectivity. It is also employed in the development of luminescent materials due to its ability to create metal complexes with unique photophysical properties. Additionally, it serves as a building block in the synthesis of more complex organic compounds for pharmaceutical and materials science research.