This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in the pharmaceutical industry. Its unique cyclobutane structure makes it a valuable building block for creating molecules with specific three-dimensional configurations, which are often crucial for drug development. It is also employed in the production of specialty polymers and materials, where its rigid ring structure can enhance the mechanical properties of the final product. Additionally, it serves as an intermediate in organic synthesis, aiding in the creation of various fine chemicals and agrochemicals.