This chemical is primarily used in organic synthesis as an intermediate for the production of more complex molecules. It serves as a key building block in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that require cyclopentane-based structures. Additionally, it is utilized in the preparation of fine chemicals and agrochemicals, where its reactive carbonyl and ester groups enable further functionalization. Its stability and reactivity make it a valuable component in research and industrial applications for creating novel compounds.