Used primarily as an intermediate in organic synthesis, especially in the production of fragrances and flavoring agents. Its structure allows for derivatization into compounds that exhibit musk-like odor properties, making it valuable in the perfume industry. It is also employed in the synthesis of pharmaceuticals and agrochemicals due to its reactive ketone group and stable cyclic framework. Additionally, it serves as a building block in the preparation of more complex polycyclic molecules used in materials science and research laboratories.