Used primarily in organic synthesis as a key intermediate for the preparation of phosphorus-containing compounds. It plays a significant role in the development of ligands for transition metal catalysis, enhancing the efficiency of various catalytic processes. Additionally, it is employed in the synthesis of flame retardants, where it contributes to improving the fire resistance of materials. Its application extends to the pharmaceutical industry, where it is utilized in the creation of active pharmaceutical ingredients (APIs) and other bioactive molecules. The compound is also valuable in material science for modifying polymers and creating advanced materials with tailored properties.