Used as a highly effective flame retardant in polymers and textiles due to its ability to promote char formation and suppress smoke emission. It is particularly valued in engineering plastics such as polyamides and polyesters, where it enhances thermal stability without compromising mechanical properties. Also serves as a ligand in catalytic systems for transition metal-catalyzed reactions, improving selectivity and efficiency in organic synthesis. Its nitrogen- and phosphorus-containing structure makes it useful in corrosion inhibition and as an additive in coatings and adhesives for improved fire safety.