Used as an intermediate in the synthesis of organophosphorus compounds, particularly in the preparation of phosphonate-based pharmaceuticals and agrochemicals. Its hydroxyl and ester groups allow for versatile chemical modifications, making it valuable in building complex molecules for medicinal chemistry. It also serves in the development of flame retardants and polymer stabilizers due to the inherent fire-resistant properties of phosphonates. Commonly employed in Horner-Wadsworth-Emmons reactions for olefin synthesis, enabling the formation of carbon-carbon double bonds in fine chemical manufacturing.