This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its bicyclic structure and functional groups make it a valuable intermediate in the development of pharmaceuticals, particularly in the creation of drug candidates with specific targeting properties. Additionally, it is employed in the synthesis of advanced materials, where its unique structure contributes to the formation of polymers with tailored mechanical and thermal properties. In research, it serves as a model compound for studying reaction mechanisms and stereochemistry due to its rigid bicyclic framework.