This chemical is primarily utilized in catalytic processes, particularly in organic synthesis and industrial chemistry. It serves as a highly efficient catalyst for hydrogenation reactions, enabling the conversion of unsaturated compounds into saturated ones with high selectivity and yield. Its application is significant in the production of fine chemicals, pharmaceuticals, and agrochemicals, where precise control over reaction outcomes is crucial. Additionally, it is employed in asymmetric synthesis, facilitating the creation of chiral molecules, which are essential in the development of active pharmaceutical ingredients. The compound's stability and reactivity make it a valuable tool in advanced chemical research and industrial applications.