Used primarily as an antioxidant in the production of rubber and plastics, it helps to prevent degradation caused by oxidation, thereby extending the material's lifespan. It is also utilized in the stabilization of lubricants and fuels, where it inhibits the formation of gums and varnishes that can impair engine performance. Additionally, it serves as an intermediate in the synthesis of various dyes and pharmaceuticals, contributing to the development of compounds with specific desired properties. Its effectiveness in these applications is due to its ability to interrupt the chain reactions that lead to material breakdown.