Used primarily as a key intermediate in the synthesis of fragrances and flavor compounds, this compound contributes to the creation of sandalwood-like aroma profiles in perfumery. Its stable cyclopropane structure allows for selective chemical modifications, making it valuable in developing musk and woody scent derivatives. It is also employed in the production of agrochemicals and pharmaceuticals where a rigid hydrophobic moiety is required to enhance bioavailability or binding affinity. Due to its alcohol functional group, it can undergo esterification or oxidation to generate a range of downstream products with tailored olfactory or biological properties.