This chemical is primarily utilized as a stabilizer and corrosion inhibitor in various industrial applications. It is particularly effective in protecting metal surfaces from oxidation and degradation, making it valuable in the manufacturing of coatings, lubricants, and metalworking fluids. Additionally, it is employed in the production of polymers and plastics, where it acts as a UV stabilizer, enhancing the durability and lifespan of materials exposed to sunlight. Its ability to inhibit corrosion also makes it suitable for use in cooling systems and hydraulic fluids, ensuring the longevity and efficiency of machinery and equipment.