Used as a buffering agent in pharmaceuticals and biological systems to maintain stable pH levels. Commonly found in cell culture media and diagnostic reagents. Serves as a source of phosphorus and potassium in nutrient solutions for tissue cultures and microbial growth. Employed in food processing as an emulsifier and stabilizer, particularly in dairy products and processed meats. Also utilized in laboratory settings for protein purification and enzyme assays due to its ability to control ionic strength and pH.