In classical Chinese, 物化 refers to a person passing away.
Tips
history
The 'to die' meaning comes from 《庄子》 (Zhuāngzǐ): the famous butterfly-dream passage ends 'this is what is called 物化', meaning the transformation between things — including life into death.
register
The 'objectify' sense is the dominant modern reading, common in feminist and ethics writing. Don't confuse with 美化 (měihuà, 'to beautify') or 异化 (yìhuà, 'to alienate').