Used as a stabilizer in polymer formulations, particularly in polyvinyl chloride (PVC), to improve thermal stability during processing. It helps prevent degradation and discoloration when exposed to high temperatures. Also serves as an intermediate in organic synthesis, especially in the preparation of phosphine ligands for catalytic reactions. Its sulfur-containing structure makes it useful in metal complex formation for industrial catalysts. Additionally, it finds application in the electronics industry as a component in specialty chemicals for semiconductor manufacturing processes.