Used as a key intermediate in the synthesis of phosphine ligands for transition metal catalysis, particularly in cross-coupling reactions such as Suzuki-Miyaura and Heck reactions. Its hydroxymethyl group allows for further functionalization, enabling the attachment to polymeric supports or other molecular scaffolds, making it valuable in the development of heterogeneous catalysts. Also employed in the preparation of flame retardants due to the inherent thermal stability and phosphorus content, contributing to char formation in polymeric materials. Additionally, finds use in materials science for creating organic-inorganic hybrid systems and in the design of ligands for luminescent metal complexes.