This chemical is primarily utilized in the field of asymmetric synthesis and catalysis. It serves as a key building block for the preparation of chiral ligands, which are essential in enantioselective reactions. These ligands are often employed in transition metal-catalyzed processes, such as hydrogenation, carbon-carbon bond formation, and oxidation reactions, enabling the production of optically active compounds. Additionally, it is used in the development of chiral stationary phases for high-performance liquid chromatography (HPLC), aiding in the separation of enantiomers in pharmaceutical and chemical industries. Its rigid binaphthyl structure also makes it a valuable component in the design of supramolecular assemblies and functional materials, including sensors and molecular devices.