It is widely used as a ligand in coordination chemistry, particularly in the synthesis of transition metal complexes. These complexes are essential in various catalytic processes, including hydrogenation, hydroformylation, and cross-coupling reactions like the Suzuki and Heck reactions.

In organic synthesis, it serves as a key reagent in the Wittig reaction, enabling the formation of alkenes from aldehydes or ketones. It is also employed in the preparation of phosphonium salts, which are intermediates in the synthesis of ylides.

Additionally, it acts as a reducing agent in certain reactions, such as the conversion of organic peroxides to alcohols. Its role in stabilizing nanoparticles and facilitating their synthesis is another significant application in material science.

In the pharmaceutical industry, it is utilized in the production of active pharmaceutical ingredients (APIs) and as a stabilizing agent for sensitive compounds. Its versatility and effectiveness make it a valuable tool in both industrial and laboratory settings.