Used primarily as a stabilizer in polymers, it helps prevent degradation caused by heat and oxidation, enhancing the durability of materials like PVC. It also acts as a chemical intermediate in the synthesis of organophosphorus compounds, which are crucial in various industrial applications. Additionally, it serves as a reducing agent in organic reactions, facilitating the production of pharmaceuticals and agrochemicals. Its role in improving the performance of lubricants and plasticizers further underscores its industrial significance.