Used as an intermediate in organic synthesis, particularly in the production of complex molecules for pharmaceuticals and agrochemicals. It serves as a building block in the creation of cyclobutane derivatives, which are valuable in drug discovery due to their unique ring strain and reactivity. The compound is also employed in the development of specialty chemicals and materials, where its structural features contribute to the design of novel polymers and coatings. Its versatility in chemical reactions makes it a key component in research and industrial applications.