Used primarily as a key intermediate in organic synthesis, particularly in the preparation of phosphorus-containing compounds. It plays a significant role in the development of flame retardants, which are essential in enhancing the fire safety of materials like plastics, textiles, and electronics. Additionally, it is utilized in the synthesis of ligands for catalysis, aiding in various chemical reactions, including cross-coupling and polymerization processes. Its applications also extend to the pharmaceutical industry, where it contributes to the creation of novel drug candidates with potential therapeutic effects.