Used primarily as a ligand in coordination chemistry, it facilitates the formation of complexes with transition metals, enhancing catalytic activity in various organic reactions. It is also employed in the synthesis of phosphine-based compounds, which are crucial in the development of pharmaceuticals and agrochemicals. Additionally, it serves as a reducing agent in certain chemical processes, aiding in the production of fine chemicals and specialty materials. Its role in the preparation of advanced materials, such as semiconductors and polymers, is also noteworthy, contributing to innovations in electronics and material science.