This chemical is primarily used as a stabilizer in polymer materials, particularly in PVC and other plastics, to enhance their thermal and light stability. It helps prevent degradation caused by heat and UV exposure, extending the lifespan of the material. Additionally, it finds application in the production of coatings and adhesives, where it improves resistance to environmental factors. Its ability to act as a chelating agent also makes it useful in certain industrial processes where metal ion control is required.