Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its unique bicyclic structure makes it valuable for developing drugs targeting the central nervous system, particularly for neurological disorders. Additionally, it is employed in the creation of chiral catalysts, which are essential in asymmetric synthesis for producing enantiomerically pure compounds. Its applications also extend to material science, where it contributes to the development of advanced polymers and coatings with specific mechanical and chemical properties.