This compound is primarily utilized in the synthesis of complex organic molecules, particularly in the development of pharmaceuticals and agrochemicals. Its unique bicyclic structure makes it a valuable intermediate in creating compounds with potential biological activity. It is often employed in asymmetric synthesis to produce chiral molecules, which are crucial in the production of enantiomerically pure drugs. Additionally, its reactivity allows for modifications that can lead to the discovery of new chemical entities with applications in medicinal chemistry. Researchers also explore its use in the design of catalysts and ligands for various chemical reactions, enhancing efficiency and selectivity in industrial processes.