Primarily used in organic synthesis as a reagent for the preparation of phosphonium salts, which are valuable intermediates in the Wittig reaction. This reaction is crucial for forming alkenes from aldehydes or ketones, making it essential in the production of fine chemicals, pharmaceuticals, and polymers. It also finds use in catalysis and as a phase-transfer agent in various chemical processes. Additionally, it serves as a precursor for creating other organophosphorus compounds, which have applications in materials science and coordination chemistry. Its role in synthesizing complex organic molecules makes it significant in research and industrial chemistry.