This chemical is primarily utilized in the field of organic synthesis and material science due to its unique structural properties. It serves as a key intermediate in the development of advanced organic compounds, particularly those with potential applications in optoelectronics and photovoltaics. Its ability to interact with light and its electronic properties make it suitable for use in the creation of organic light-emitting diodes (OLEDs) and other light-sensitive devices. Additionally, its nitro groups and phosphorous-containing structure contribute to its role in designing novel catalysts and ligands for various chemical reactions, enhancing efficiency and selectivity in synthetic processes. Researchers also explore its potential in creating polymers with specific optical or electronic characteristics, which could be applied in high-performance materials.