This compound is primarily utilized in organic synthesis as a versatile intermediate for the development of more complex chemical structures. Its cyclobutyl ring and functional groups make it valuable in the synthesis of pharmaceuticals, particularly in the creation of small molecule drugs targeting various therapeutic areas. Additionally, it can be employed in the preparation of specialty chemicals, such as fragrances or agrochemicals, due to its potential to introduce unique structural motifs. Its ester and hydroxyl groups also allow for further chemical modifications, enabling its use in polymer chemistry or as a building block in material science applications.