Used primarily as a chiral resolving agent in the pharmaceutical industry, this compound enables the separation of enantiomers from racemic mixtures due to its optical activity. Its ability to form diastereomeric salts with chiral amines allows for effective purification and isolation of single enantiomers, which is critical in drug development where stereochemistry impacts biological activity. It is also employed in asymmetric synthesis as a chiral auxiliary or derivatizing agent in analytical techniques like NMR or chromatography to determine enantiomeric purity. Additionally, it serves in the preparation of enantiomerically pure intermediates for agrochemicals and fine chemicals.