This chemical is primarily utilized in organic synthesis as an intermediate for producing more complex chemical compounds. It is often employed in the development of specialty chemicals, including fragrances, flavors, and pharmaceuticals, due to its unique structural properties. Additionally, it can serve as a building block in polymer chemistry, contributing to the creation of specific types of plastics or resins with tailored characteristics. Its application is also seen in research and development for studying reaction mechanisms and developing new synthetic pathways.