Used primarily as a key intermediate in organic synthesis, it plays a significant role in the production of various organophosphorus compounds. It is widely applied in the pharmaceutical industry for the synthesis of active pharmaceutical ingredients (APIs) and in agrochemicals for developing pesticides and herbicides. Additionally, it serves as a reagent in the preparation of flame retardants and stabilizers for polymers. Its ability to act as a ligand in catalysis is also notable, particularly in transition metal-catalyzed reactions, enhancing efficiency in processes like cross-coupling reactions.