Used as a reagent in organic synthesis, particularly in the preparation of phosphonium salts. It plays a role in the Wittig reaction, facilitating the formation of alkenes from aldehydes or ketones. The compound is also employed in the synthesis of biologically active molecules and pharmaceuticals. Its carboxyethyl group enhances solubility in aqueous media, making it useful in reactions requiring polar solvents. Additionally, it serves as a phase-transfer catalyst in certain reactions, improving efficiency and yield.