Used as a catalyst in organic synthesis, particularly in the polymerization of olefins and other monomers. It facilitates the formation of high-molecular-weight polymers with controlled structures. Also employed in the preparation of phosphorous-containing compounds, which are valuable in materials science and medicinal chemistry. Its role as a ligand in coordination chemistry helps stabilize metal complexes, enhancing their reactivity and selectivity in various catalytic processes. Additionally, it is utilized in the development of flame retardants and as an intermediate in the synthesis of specialty chemicals.