Used as a reducing agent in organic synthesis, particularly for the reduction of esters, carboxylic acids, and ketones to their corresponding alcohols. It is also employed in the preparation of deuterated compounds, which are valuable in research and development for studying reaction mechanisms and metabolic pathways. In the pharmaceutical industry, it plays a role in the synthesis of deuterated drugs, which can offer improved stability and efficacy. Additionally, it is utilized in the production of specialty chemicals and advanced materials, where precise control over hydrogen-deuterium exchange is required. Its applications extend to the field of nuclear chemistry, where it is used in the preparation of deuterium-labeled compounds for neutron scattering studies.