Used primarily as a reactive intermediate in organic synthesis, this compound serves in the preparation of cyclopentene derivatives through bromine displacement or elimination reactions. Its strained ring structure and dual bromine functionality make it valuable for constructing complex cyclic frameworks in pharmaceuticals and agrochemicals. It is also employed in the development of flame retardants due to the presence of bromine, which can help suppress combustion. Additionally, it acts as a building block in the synthesis of specialty polymers and ligands for catalysis.