Used primarily in the polymer industry as a chain transfer agent to control molecular weight during polymerization processes, ensuring desired polymer properties. It is also employed in the production of specialty chemicals and coatings, where its ability to modify surface characteristics is valuable. In biochemistry, it serves as a reducing agent to stabilize proteins and enzymes by maintaining thiol groups in their reduced state. Additionally, it finds application in water treatment as a corrosion inhibitor, protecting metal surfaces in industrial systems. Its unique properties make it versatile in both industrial and research settings.