This compound is primarily utilized in organic synthesis as a building block for more complex molecules. It is often employed in the development of pharmaceuticals, where its cyclobutane ring and functional groups make it a valuable intermediate for creating bioactive compounds. Additionally, it can be used in the production of specialty chemicals, such as fragrances or polymers, due to its unique structural properties. Its methoxymethyl group also allows for further chemical modifications, making it versatile in various research and industrial applications.