This chemical is primarily utilized in organic synthesis as a building block for more complex molecules. Its unique bicyclic structure makes it valuable in the development of pharmaceuticals, particularly in the creation of compounds with potential therapeutic effects. It is also employed in the research and development of new materials, where its specific reactivity can be harnessed to produce novel polymers or catalysts. Additionally, it finds use in academic laboratories for studying reaction mechanisms and exploring new synthetic pathways due to its distinctive chemical properties.