Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for versatile reactivity, making it valuable in constructing complex molecules. It is also employed in research settings to study cyclobutane ring systems and their derivatives, aiding in the development of new materials and chemical processes. Additionally, it finds applications in the synthesis of fine chemicals and specialty compounds, contributing to advancements in medicinal chemistry and industrial applications.