Used as a precursor in the synthesis of various organophosphorus compounds, which are essential in the production of flame retardants, plasticizers, and pesticides. It serves as a ligand in coordination chemistry, forming complexes with transition metals that are utilized in catalysis for organic reactions, including hydrogenation and hydroformylation. Also employed in the preparation of phosphine oxides and phosphonium salts, which have applications in pharmaceuticals and agrochemicals. Its role in the development of advanced materials, such as polymers and semiconductors, is notable due to its ability to modify surface properties and enhance performance. Additionally, it is used in research for creating novel chemical entities with potential biological activity.