This chemical is primarily utilized in the field of organic synthesis, where it serves as a versatile building block for the creation of more complex molecules. Its unique bicyclic structure makes it valuable in the development of pharmaceutical compounds, particularly those targeting neurological disorders, due to its potential to interact with specific receptors in the brain. Additionally, it is employed in the synthesis of ligands for catalysis, aiding in the development of efficient and selective chemical reactions. Its functional groups also make it suitable for use in polymer chemistry, where it can be incorporated into materials to enhance their properties.