Used as a flame retardant in polymers and plastics, particularly in PVC and rubber applications, due to its ability to reduce flammability and suppress smoke generation. It also functions as a plasticizer, improving flexibility and durability of materials without compromising thermal stability. Commonly applied in wire and cable coatings, flooring, and automotive interiors where fire safety is critical. Additionally, it serves as an intermediate in the synthesis of other phosphate esters and is utilized in metal extraction processes as a solvent modifier in hydrometallurgy.