Used primarily as a key intermediate in organic synthesis, particularly in the preparation of phosphonic acids and esters. It plays a significant role in the development of pharmaceuticals, agrochemicals, and materials science. Its reactivity with alcohols and amines makes it valuable for creating compounds with specific functional groups. Additionally, it is employed in the production of flame retardants and as a ligand in coordination chemistry for catalytic processes. Its applications extend to the synthesis of biologically active molecules, contributing to advancements in medicinal chemistry.