This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its structure, featuring a cyclobutyl ring with a methylidene group and a methanol substituent, makes it valuable for creating novel polymers and specialty chemicals. It is often employed in the development of pharmaceuticals, where its unique ring system can contribute to the bioactivity of drug candidates. Additionally, it serves as an intermediate in the production of fragrances and flavors, where its structural characteristics can impart distinctive aromatic properties. In material science, it is used to design and synthesize advanced materials with specific mechanical or thermal properties, particularly in the creation of resins and coatings.