Used primarily in organic synthesis, it serves as a key intermediate in the preparation of phosphorus-containing compounds. Its applications include the development of ligands for catalysis, particularly in asymmetric synthesis, where it enhances the efficiency and selectivity of reactions. It is also employed in the production of advanced materials, such as flame retardants and specialty polymers, due to its ability to impart unique properties like thermal stability and chemical resistance. Additionally, it finds use in pharmaceutical research for the synthesis of bioactive molecules, contributing to the development of new drugs and therapeutic agents.