Used primarily as a key intermediate in organic synthesis, particularly in the preparation of phosphonates and phosphonic acids. It plays a significant role in the Horner-Wadsworth-Emmons reaction, facilitating the formation of alkenes from aldehydes and ketones. This reagent is valuable in the production of fine chemicals, agrochemicals, and pharmaceuticals, where precise carbon-carbon bond formation is required. Its stability and reactivity make it a preferred choice in the development of complex organic molecules.