Used as a key intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for creating complex molecules due to its reactive cyclopentene ring. Its structure is also utilized in the development of fragrances and flavors, contributing to unique aromatic profiles. Additionally, it plays a role in polymer chemistry, aiding in the creation of specialized resins and coatings. Its versatility makes it valuable in research and industrial applications.