This compound is primarily utilized in organic synthesis as a key reagent in the Wittig reaction, which is widely employed to form alkenes from aldehydes or ketones. Its structure, featuring a phosphonium salt with a methoxycarbonylbenzyl group, makes it particularly effective for generating stabilized ylides, which are essential for synthesizing conjugated systems. This chemical is often used in the production of fine chemicals, pharmaceuticals, and advanced materials, where precise control over double bond formation is required. Additionally, its application extends to the development of liquid crystals and other functional materials that rely on specific alkene configurations for their properties.