Used primarily as a flame retardant in various materials, it effectively reduces flammability in plastics, textiles, and coatings. It is also employed in the synthesis of organophosphorus compounds, which are crucial in creating pesticides and herbicides. Additionally, it serves as a key intermediate in the production of pharmaceuticals, particularly in the development of antiviral and anticancer drugs. Its role in organic synthesis extends to the preparation of specialty chemicals used in industrial applications.