Used as a stabilizer and antioxidant in polymers and plastics to enhance their durability and resistance to degradation. It is also employed in the synthesis of flame retardants, contributing to improved fire safety in materials. Additionally, it serves as an intermediate in the production of specialty chemicals, including lubricants and additives, where it helps improve performance and stability. In the pharmaceutical industry, it is utilized in the development of certain drug formulations, aiding in the enhancement of their efficacy and shelf life.