This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of complex molecules. Its unique bicyclic structure makes it valuable for constructing pharmacologically active compounds, particularly in the development of drugs targeting neurological disorders. Additionally, it is employed in the synthesis of chiral ligands, which are essential in asymmetric catalysis for creating enantioselective products in pharmaceutical and fine chemical industries. Its stability and reactivity profile also make it a suitable candidate for research in material science, particularly in designing novel polymers with specific mechanical and thermal properties.