This chemical is primarily utilized in the synthesis of advanced organic materials, particularly in the development of chiral ligands and catalysts. Its unique spirocyclic structure makes it valuable in asymmetric synthesis, where it aids in producing enantiomerically pure compounds, essential in pharmaceuticals and fine chemicals. Additionally, it serves as a building block in the creation of polymers with specific optical properties, useful in materials science for applications like sensors or optoelectronic devices. Its diol functionality also allows for further chemical modifications, enabling its use in designing complex molecular architectures.