This chemical is primarily used in organic synthesis as a versatile building block for the creation of complex molecules. It serves as a key intermediate in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that target specific biological pathways. Its structure allows for further functionalization, making it valuable in the production of cyclobutane derivatives, which are often explored for their potential therapeutic properties. Additionally, it finds application in material science, where it is utilized in the design of novel polymers and coatings with tailored properties. Its reactivity and stability make it a useful component in research and industrial processes aimed at developing new chemical entities.