Used as an intermediate in the synthesis of organophosphorus compounds, particularly in the production of flame retardants, plasticizers, and stabilizers for polymers. Plays a role in the manufacture of agrochemicals, including certain herbicides and pesticides, due to its ability to form carbon-phosphorus bonds. Employed in the preparation of ligands for catalysts in organic transformations. Also utilized in research for modifying biomolecules and in the development of specialty chemicals for water treatment and corrosion inhibition.