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 organophosphorus compounds, which are valuable in agrochemicals and pharmaceuticals. Additionally, it serves as a key intermediate in the preparation of flame retardants and plasticizers, contributing to material safety and durability. Its role in asymmetric synthesis further highlights its importance in producing chiral molecules for advanced chemical applications.