This chemical is primarily used as an antioxidant and stabilizer in various industrial applications. It is commonly added to lubricants, greases, and hydraulic fluids to prevent oxidation and degradation, thereby extending the lifespan of these products. Additionally, it is utilized in the rubber and polymer industries to enhance the stability of materials during processing and storage, protecting them from thermal and oxidative damage. Its effectiveness in inhibiting degradation makes it valuable in maintaining the performance and durability of end products.