This chemical is primarily utilized in the synthesis of various organic compounds due to its unique bicyclic structure. It serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders. Additionally, it is employed in the creation of specialty chemicals used in advanced materials, such as polymers and resins, where its rigid framework enhances thermal stability and mechanical properties. In research, it is often used as a building block in organic synthesis to explore new reaction pathways and develop novel compounds with potential industrial or medicinal applications.