Primarily used in organic synthesis, this compound serves as a key reagent for introducing phosphonate groups into molecules. It is particularly valuable in the preparation of phosphonates, which are important intermediates in the production of pharmaceuticals, agrochemicals, and flame retardants. The compound's ability to act as a tosyloxy methylating agent makes it useful in creating carbon-phosphorus bonds, a crucial step in synthesizing bioactive compounds. Additionally, it plays a role in the development of antiviral and anticancer agents, where phosphonate moieties are essential for activity. Its application extends to material science, where it contributes to the modification of polymers and surfaces to enhance specific properties.