Used primarily as a reagent in organic synthesis, it plays a key role in the preparation of phosphinic acid derivatives and organophosphorus compounds. It is employed in the production of flame retardants, where it enhances the fire resistance of materials like plastics and textiles. Additionally, it serves as a catalyst or intermediate in various chemical reactions, including the synthesis of pharmaceuticals and agrochemicals. Its ability to form stable bonds with other molecules makes it valuable in creating specialized polymers and ligands for metal coordination chemistry.