This compound is primarily used in organic synthesis as a reagent for the Wittig reaction, which is a key method for forming carbon-carbon double bonds. It facilitates the conversion of aldehydes and ketones into alkenes, making it valuable in the production of various organic compounds, including pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it serves as a stabilizer in polymerization processes, helping to control the molecular weight and structure of polymers. Its unique properties also make it useful in the synthesis of specialty chemicals and intermediates for advanced materials.