Used as a reducing agent in electroless nickel plating, where it enables the deposition of nickel-phosphorus alloys on metals and plastics without an external electrical current. This application is widely used in the electronics, automotive, and aerospace industries for wear resistance, corrosion protection, and uniform coating on complex shapes. Also serves as a catalyst in polymerization reactions, particularly in the production of certain plastics and resins. Employed in some flame retardant formulations due to its ability to promote char formation in polymers. Additionally, utilized in chemical synthesis as a source of hydride ions for selective reductions.