Used as a phase transfer catalyst in organic synthesis, facilitating reactions between compounds in different phases. It is also employed in the preparation of ionic liquids, which are utilized in various industrial processes due to their unique properties. Additionally, it serves as a reagent in the synthesis of phosphonium salts, which have applications in materials science and as intermediates in chemical reactions. Its role in polymerization processes is notable, where it helps in controlling the molecular weight and structure of polymers. Furthermore, it is used in electrochemical studies and in the development of sensors and analytical methods, including spectrophotometric determination of bismuth (Bi) and cobalt (Co).