Used primarily as a specialty intermediate in organic synthesis, particularly in the development of pharmaceuticals and agrochemicals. Its strained cyclobutane ring and ester functionality make it valuable for constructing complex molecular frameworks through ring-opening, functional group interconversion, or cycloaddition reactions. It serves as a building block in the preparation of bioactive molecules where the cyclobutane moiety is part of the target structure, such as certain enzyme inhibitors or receptor ligands. Also employed in research settings to explore reaction mechanisms involving small-ring systems.