This depends on what is meant by importance. Chemical equilibrium is the
state at which the forward and reverse chemical reactions are in
balance and going in neither direction. Chemical reactions can be
influenced by temperature, pressure, concentration, etc. If one knows
all conditions are correct for a reaction to go forward, but it's at
equilibrium then one of the reactants has run out. In an industrial
application adding more of the limiting reactant will allow the reaction
to continue to make product.