This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. It is often employed in the development of pharmaceuticals, where its structure can be modified to create active drug ingredients. Additionally, it serves as a building block in the synthesis of fine chemicals and specialty materials. Its ester functional group makes it valuable in reactions involving esterification and transesterification processes. Furthermore, it can be used in research settings to study stereochemistry and reaction mechanisms due to its cyclic structure and functional groups.