Used primarily as a stabilizer and antioxidant in polymer production, particularly in the manufacture of polyethylene and polypropylene. It helps to prevent degradation caused by heat and oxidation during processing and extends the lifespan of the final products. Additionally, it is employed in the formulation of lubricants and coatings, where it enhances performance by reducing oxidative wear and improving thermal stability. Its ability to act as a thioester precursor also makes it valuable in organic synthesis for creating specialized compounds.