Used as a ligand in coordination chemistry to stabilize metal complexes, particularly in catalytic processes. It plays a role in the synthesis of organophosphorus compounds, which are valuable in pharmaceuticals and agrochemicals. Also employed in the development of flame retardants due to its phosphorus content, enhancing material safety. Additionally, it finds applications in polymer chemistry, where it acts as a modifier to improve thermal stability and mechanical properties of polymers. Its unique structure makes it useful in research for creating novel materials with specific functionalities.