Used as a stabilizing agent in the production of polymers and plastics, it enhances thermal stability and prevents degradation during processing. It is also employed as a flame retardant in various materials, reducing flammability and improving safety in applications like electronics and textiles. Additionally, it serves as a key intermediate in the synthesis of organophosphorus compounds, which are utilized in agrochemicals and pharmaceuticals. Its role in corrosion inhibition makes it valuable in metal treatment and coating formulations.