Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure allows for versatile reactivity, making it valuable in the synthesis of complex molecules, particularly those involving cyclopentane rings. It is also employed in the development of fragrances and flavoring agents due to its ester functional group, which can contribute to pleasant aromas. Additionally, it plays a role in the creation of agrochemicals, aiding in the formulation of pesticides or herbicides. Its application extends to research laboratories, where it is utilized in the study of chemical reactions and the development of novel compounds.