This chemical is widely used in asymmetric catalysis, particularly in enantioselective hydrogenation reactions. It is highly effective in producing chiral compounds, which are crucial in the pharmaceutical industry for synthesizing active pharmaceutical ingredients (APIs) with high enantiomeric purity. Its application extends to the production of fine chemicals, agrochemicals, and specialty materials where precise stereochemistry is essential. The catalyst is valued for its efficiency, selectivity, and ability to operate under mild reaction conditions, making it a preferred choice for complex organic transformations.