This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of complex bicyclic compounds, which are valuable in pharmaceutical research and development. Its structure allows for functionalization at multiple sites, making it useful for creating derivatives with potential biological activity. Additionally, it serves as a building block in the synthesis of natural product analogs and specialty chemicals. Its application extends to material science, where it contributes to the development of novel polymers and coatings with specific properties.