Used as a reagent in organic synthesis, particularly in the preparation of phosphonium salts, which are intermediates in the Wittig reaction for forming alkenes. It is also employed in the synthesis of pharmaceuticals and fine chemicals, where it acts as a catalyst or stabilizing agent. Additionally, it finds application in the production of certain polymers and as a reducing agent in specific chemical reactions. Its role in facilitating carbon-carbon bond formation makes it valuable in the development of complex organic molecules.