Used as a reducing agent in electroless nickel plating processes, enabling uniform metal coating on surfaces without external electrical current. Commonly applied in electronics, automotive, aerospace, and machinery industries for corrosion protection and wear resistance.

Also serves as a flame retardant in polymer materials, enhancing fire safety in plastics and textiles. It is used as a starting material in the synthesis of phosphine compounds.

Additionally, utilized in some chemical synthesis processes as a source of phosphorus due to its reducing properties. In some cases, used in water treatment processes or as an additive in coolants to prevent metal corrosion.