Primarily used as a flame retardant in various polymers and plastics, it enhances fire resistance by releasing chlorine radicals that interrupt the combustion process. It is also employed as a stabilizer and antioxidant in PVC and other synthetic materials, preventing degradation caused by heat and light. Additionally, it serves as an intermediate in the synthesis of organophosphorus compounds, which are utilized in agrochemicals and pharmaceuticals. Its application in lubricant additives helps reduce wear and tear in mechanical systems.