Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and fine chemicals. Its reactive hydroxyl and double bond functionalities allow for a range of derivatization reactions, including esterification, oxidation, and cyclization. It is particularly valuable in the synthesis of cyclopentane-based ring systems found in certain bioactive molecules. Additionally, it can act as a building block in the development of fragrances and specialty polymers due to its structural rigidity and reactivity.