Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of cyclopentadiene-based derivatives that are valuable in catalysis and polymer chemistry. Its conjugated structure allows for participation in Diels-Alder reactions, making it useful in constructing cyclic frameworks for pharmaceuticals and fine chemicals. Additionally, it can act as a precursor in the synthesis of ligands for transition metal catalysts, especially in metallocene complexes used in olefin polymerization. The carboxylic acid functionality enables further derivatization, such as esterification or amidation, facilitating its incorporation into more complex molecules.